Goldman Sachs published a "Portfolio Strategy Research" piece, entitled, "Equity allocations remain elevated despite the sharp rotation from stocks to cash and bonds this year." They explain, "​US equity mutual funds and ETFs have experienced combined outflows of $​96 billion YTD. In contrast, US bond and cash funds have seen inflows of $​353 billion and $​436 billion, respectively. Although equities account for a smaller share of aggregate financial assets than a year ago (​44% vs. 46%), current equity allocation is still elevated vs. history (​81st percentile). However, cash exposures are near historical lows (​5th percentile)." Goldman'​s piece continues, "The gap between US equity fund flows relative to bond and cash funds during the past 12 months is the widest since 2008....​At the start of 4Q 2018, households, mutual funds, pension funds, and foreign investors -- who collectively hold 84% of the total equity market -- had equity allocations ranking in the 95th percentile vs. the past 30 years (​46% of financial assets)." See Bloomberg'​s article on this, "Goldman Says Rush From Stocks to Cash, Bonds Biggest Since 2008." It says, "The outflow from U.​S. equity funds this year has been the biggest since 2008, relative to the flood of money into cash and bonds, according to Goldman Sachs Group Inc. That still leaves cash exposures '​near historical lows,' according to Goldman strategists led by David Kostin. At 12%, the aggregate allocation to cash is only in the fifth percentile of the past 30 years, they calculated."

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