Investor Fund Flows Have Never Been This Bearish Since Lehman Collapsed Vincent Fernando, CFA Jun. 6, 2010, 8:45 AM It's a bit of a surprise that stocks didn't fall further. The last four weeks were actually the worst 1-month outflows since Lehman collapsed in 2008, as shown below in red: From a fund flow perspective, investors in mutual funds have now pulled money out of U.S. stocks during 2008, 2009, and now year-to-date in 2010. To us this should be read as a substantial contrarian indicator. The investor panic was enormous during the last four weeks, and on a multi-year...