In the 1990s, analysts used to worry that a sudden reversal of the money flowing into US mutual funds could on its own spark a downturn in the market. Judging by this year’s experience, they need not have worried.

During the second and third quarters of this year, $18.6bn flowed out of US equity funds. For five months in a row, starting in May, they suffered negative flows, the worst such streak since late 2002, during the most savage bear market since the war. This year, while mutual fund investors headed for the exits, the main US stock indices staged emphatic rallies.