One week after the flash crash which caused the biggest redemptions from domestic equity funds in years, equity mutual funds continue to see accelerating redemptions, with Lipper/AMG reporting that equity flows in the week ended May 19 came at -$4.3 billion. We are confident that next week's data will show an exponential spike in redemptions after fears of global contagion and rampant liquidations finally shift across the Atlantic. High beta credit in the form of HY also saw a material outflow of $378 million, however less than last week's near record $1.7 billion figure which ground the primary HY market to a stop. Other capital flows were mostly noise with the exception of money markets, which once again saw a staggering outflow to the tune of $27 billion, or 1% of assets, bringing total YTD money market redemptions now to $410 billion! Somehow, we have the feeling that with stocks now negative for the year, all those lemmings who got on the momo train and shifted their money market holdings into stocks, both domestic and foreign, are now regretting it.