Do you remember that Austin Powers flick, where Dr. Evil threatens to destroy the world unless he gets "a million dollars?"
Then his son Scott pipes up and says a million dollars is chump change -- if you're gonna ransom someone, Dad, make it for something big. It was a funny bit, because each and every time Dr. Evil upped the ante people just laughed at him.
I think a lot of journalists are like Dr. Evil. Bear with me, I do have a point.
They're leading broadcasts and front-paging stories on this record exodus from stock funds. The most ever, says USA Today -- $49 billion.
Oh my God, you're thinking. That's big! But wait a minute. That's chump change when you discover there are $3 trillion in stock funds.
Three trillion. That's a lot more than $49 billion, isn't it?
Here's the rest of the story you're not hearing. That big exodus of investors running for the doors is about 1.5 percent of all mutual fund money. 98.5 percent of that dough sat tight.
And that big panic selling? It didn't happen last week, or the week before that, but last month -- July -- when the markets were tanking. And I mean tanking! Gosh, I'm surprised it was only $49 billion.
And last time I checked, the markets were heading up in August -- a lot. Five straight weeks of advances. Kind of makes me think even that $49 billion won't seem that big a deal, after all.
Look, I know my colleagues love to hang crepe. But to say it's all crepe, is, well, crap.
Someone's giving you a line and it isn't Dr. Evil.
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