Cash Flow Trends Mark Changing Investor Behavior
Vanguard's Fran Kinniry says investors' contrarian moves make long-term sense.
Christine Benz: Hi, I'm Christine Benz for Morningstar. Much academic research centers around investors' tendency to buy low and sell high, but recent data point to a more contrarian pattern. Joining me to discuss cash flow trends into various asset classes, and whether they suggest a lasting change in investor behavior, is Fran Kinniry. He's the Global Head of Portfolio Construction in Vanguard's Investment Strategy Group.
Fran, thank you so much for being here.