22nd Weekly Outflow From Mutual Funds Contradicts Earlier Statement From Bob Pisani

Tyler Durden's picture

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Lord Peter Pipsqueak's picture

"Battam line.....battam line...........battam line............"

prophet's picture

Unprecedented action (since '82 '98 '07 you pick it) means no normal.

“I think ‘no normal’ is a good phrase, as opposed to ‘new normal,’ ” Gundlach, chief executive officer of DoubleLine Capital LP, said during an interview in his office in Los Angeles."

(from Bloomberg yesterday http://www.bloomberg.com/news/2010-10-05/gundlach-only-fund-beating-pimco-total-return-shows-why-there-s-no-normal.html)


rocker's picture

We should call it the  "Scudlow Giddy Hour"

makeyoumiss's picture

A simple, but profound statement.

chopper read's picture

Bob "piss on us" Pisani = JOSEPH GOEBBELS


...what a propagandizing piece of shit.  

101 years and counting's picture

"Have fun passing the steaming bucket of explosive feces to each other, boys. "

Thats about as accurate as it gets.  At some point, one of the players won't catch that steaming bucket of explosive feces and every algo will be turned to sell...or just turned off as W&R sell another 20 ES contracts unexpectedly.


MikeyKid's picture

Fucking snorted soda out my nose on that quote... TD keeps topping himself with these snips of late.


Pure gold... er - maybe that term should be "Physical gold" nowadays. =)

mikla's picture

"Have fun passing the steaming bucket of explosive feces to each other, boys. "

...snorted soda out my nose on that quote... TD keeps topping himself with these snips of late.


That was my pull quote too -- TOO FUNNY!

And as for CNBC, can someone please explain to us how Mr. Robert Pisani can say, on national TV no less (albeit to an audience which according to Nielsen is at the lowest it has been in 3 years) at 10 seconds into the clip that, "we had inflows into stock mutual funds." Um, no. That's not true. In fact, someone less polite than us may say you are completely full of shit Bob.

Maybe Bob was that *one* investor?  We had *net* outflows, but maybe Bob was just so pleased inflows weren't zero!

Spirit Of Truth's picture

I just finished blogging on "quants" and what this means for Wall Street:



In terms of Hyman Minsky's "financial fragility", what has developed is absolutely without historical precedent and utterly insane.  The system is over-sensitized to such a degree that the littlest straw will break the camel's back and to everyone's shock and chagrin cause HYPERDEFLATION in asset values, i.e., a crash of ridiculous magnitude.  We are in the season when this typically occurs.

Vampyroteuthis infernalis's picture

cause HYPERDEFLATION in asset values, i.e., a crash of ridiculous magnitude.

Yes, there's the ticket. Everything is going to implode!

Conrad Murray's picture

That was an eclectic collection of videos haha.  Enjoyed the post, cheers!

StychoKiller's picture

Only two more days to the release of "Inside Job" -- next week should tell the tale!

Commander Cody's picture

There are no more investors.  Only traders, gamblers, electronic thugs and Ben.

midtowng's picture

How long can they keep pushing this up with less and less dumb money? I'm surprised they got as much movement as they did in September.

Pladizow's picture

Dont want to defend Bob...... but..... I think he meant to say inflows into equity ETF's, not MF's, as that was the focus of the piece.

Cruel Aid's picture

True dat, which is not good for the fund managers either way. I believe ETF's require little maintanance. Not good for the employment figures, like the market is not already swamped with MBA's

Tyler Durden's picture

There is a rather massive difference between ETFs and mutual funds. If Mr. Pisani does not know what it is, we are happy to send him some literature to assist him in anchoring his market flow segment with correct information.

chopper read's picture

Bob said "ETFs AND mutual funds".  it was quite clear. 

GNandGL's picture

I don't want to defend the Piss-ant either, but besides co-mingling ETF's and mutuals, he was also talking about all equity funds, not just domestic.

Still, he is parroting the GE line and as such should be ignored.

chopper read's picture

he's a cheerleading hypemonger that deserves no defense.  he's a grown goddamned man who choses to lead widows and orphans into this market if it curries favor with his bosses.  history will reveal this clown to be bootlicking scum.  he probably just called the top of the market.  money is serious business and he deserves no quarter.  he is of no value to his countrymen.  there was not a hint of caution in his voice.  fuck him.   

Cognitive Dissonance's picture

And as for CNBC, can someone please explain to us how Mr. Robert Pisani can say, on national TV no less (albeit to an audience which according to Nielsen is at the lowest it has been in 3 years) at 10 seconds into the clip that, "we had inflows into stock mutual funds."

Mr. Piss-on-me (Pisani) has the GE (er Comcast?) put, meaning he can say anything he wants as long as it's intended to pump the market, and no harm shall come to him.

anony's picture

No worries. 

Ben has a tacit agreement to buy anything that the usual suspects want to unload at top price.  And he'll hold them so that they don't disturb the top 5% of the world's well off.

It's an offer they can't refuse. 

So jump in, the water is fine.

curbyourrisk's picture

I got a MINT house in Nassua County I would love for you to buy Ben...

curbyourrisk's picture

Pisshead's reply??  I highly doubt it.  He is not capable of reading ZeroHedge as it would require more than half a brain.  Even having it read to him don't work.  Forget about a response....it's not coming Tyler.

Gordon Freeman's picture

No, I saw it, and while the focus was indeed ETFs, he went  above and beyond his pay grade to work the word "inflow" into his piece as much as possible, and specifically said the words "mutual fund" as associated with all that wonderful (and imaginary) "inflowing"...

ShankyS's picture

1:39 - "we had four consecutive weeks of inflows into sotck mutual funds in september"



chopper read's picture

quite clear.  quite clear indeed.  

hedgeless_horseman's picture

False advertising is making false statements to promote your business. 

What is making false statements to promote your advertisers' business?  Well at CNBC they call it, "news."

I also noticed in this, and the earlier piece with Kyle Bass, that up or down the CNBC index tickers at the bottom of the screen are always green.  Red is so alarmist; might cause viewers to sell?

Everyman's picture

False information presented as "news"+Pravda.

Caviar Emptor's picture

Market is like a Roadrunner Cartoon: Wile E. Coyote still running full steam through pure air, edge of the cliff way behind him. You know what happens next.

RheologyMan's picture

Pssss!...Pisani is...no wait.....has "no credibility left"!!!!

gwar5's picture

I've been taking mine out as fast as I can.  No sense leaving it to the digital subractors.

RecoveringDebtJunkie's picture

So the global capitalism system has not only lost demand for real products in the face of super excess capacity, but cannot even "manufacture" demand for virtual financial assets, except for a few "safe haven" sovereign bonds, and even that wont last for too much longer. Say what you will about Marx's idealistic views about Communism, but he was certainly prescient about the path capitalism would take.



Spirit Of Truth's picture

The system is geared to self-destruct, the question is what to put in its place after the dust settles.  Vladimir Putin's birthday is tomorrow.  I don't think the reigns of global power should be handed over to him and his sociopath ilk, but, and few perceive this, history is headed in this direction.  It's up to "We The People" to turn the tide IMHO.

More at my blog - http://TheSpiritOfTruth.blogspot.com

doggings's picture

I looked at your blog youre a complete wacko.

Russia was behind 9/11 were they? :)

israhole's picture

LOL, everybody knows Israel's Mossad along with a few traitors in our government did 9/11.  Then we have the Larry Silverstein types.  I can't believe nobody has stuck a fork in his head yet.

Mentaliusanything's picture

 I believe you will find that that a group of very smart structural engineers were behind 9/11.

Hit the sweet spot they did. No shit. would take a Cray or two to crunch those numbers. Problem was they forgot to calculate for 'made in the USA'. Japan made the same error. When its made in the USA its made to take a fair pounding before it goes down. The problem in the calculation is what happens when it gets back on its feet. It's the people you see, they have a disposition (ingrained) to stand up and being slow to anger, give a fair account to those who assume they are 'sleeping giants'. I will say no more because its proven history.

Minion's picture

Elliot Wave update:  The S&P is now perfectly aligned in both channel and time ratios between the past two cycles, at the very conclusion of the move up.  With the temporary suspension of POMO, it almost seems engineered.  We shall soon find out!  ;)

cocoablini's picture

Some suckers are still left stuck in 401ks,mutual fund- but not a lot. Basically the HFT banks are running supply squeeze. Like Diamonds, in their natural state the stocks are near valueless. But DeBeers runs a monopoly, and creates a supply vacuum with inventory and dealers. Diamonds would be otherwise useful, but common stones. State street et Al. Are just holding all this stock in inventory and the HFT bots spoof volume and pricing. The last drop in the markets were in conjunction with HFT bot inquiries, co gressional bank legislation and European sovereign panic. Look for a crash if the government starts going hardball on Skynet. Otherwise, fuggedaboudit. Retail smart mo ey knows it's getting scary. Mom and Pop have been extracting savings to pay for mortgages and food with record high unemployement so they are out. The hedges go in and out trying to play the FED. What a GREAT fucking "investment" environment. Or maybe OBama is OK with the bot banks self- emolating themselves and cratering the old markets. Then they create a new market- fully government controlled and assigned asset valuations?

Commander Cody's picture

Accounting rules will be suspended for national security reasons (and to suppport election goals).

rapacious rachel wants to know's picture
rapacious rachel wants to know (not verified) Commander Cody Oct 6, 2010 5:54 PM

what elections?

mynhair's picture

Dude, the HFTs have subpennied some of your N's.

Amsterdammer's picture

So the banksters pocketed most of the September gains?

Indeed, the end-game is nearing..

andyupnorth's picture

This makes perfect sense if the baby boomers are taking their money out of mutual funds and managing it themselves in the stock market, does it not?

Panafrican Funktron Robot's picture

The boomers (that have any money left) are mostly buying into bond funds.  There is a strong inverse correlation between bond and equity flow of funds.

Ned Zeppelin's picture

I was thinking "outflows" mean cashing-in-to-pay-bills flows, rather than investing in bond funds.  Do you think insiders are the only motivated sellers in this market?  Needing to pay the fuel bill for that first winter tank of oil for the furnace will motivate you. 

andyupnorth's picture

The retired middle class that I see (up here in Canadia) are getting money from 2, 3, or even 4 places at the same time (private and public pensions, federal/ provincial, widow/widower). The only reason they're touching their nest egg is because the government is forcing (or will force) them to cash out a tiny fraction of their RRSP's every year... which they often intend on reinvesting into either the stock market or real estate...

Dollar Bill Hiccup's picture


Don't forget that Bob Pisani still thinks the Flash was all W&R's fault ...