which flow-of-funds indicator is considered bearish for equities?
A. a large increase in the number of Ipos
B. higher-than-average cash balance in mutual funds
C. an upturn in margin debt but one that is still below the long-term average
答案是a. 为什么？
还有我想知道b为什么不对。因为书上有说： If prices are trending lower, however, the manager may hold the funds in cash to improve the fund performance.
