The divide between individual and professional investors has been historic: Individual investors have poured a net +190 billion into equity ETFs YTD, according to Goldman Sachs. Net inflows accelerated in March and have since been twice as high as in the first part of the year. In contrast, professional investors have withdrawn a net -40 billion YTD. Institutional investors’ activity peaked in March and April and has stabilized since then. In other words, retail investors have bought nearly 5 times MORE than professionals have sold YTD. The Wall Street vs Main Street divide is growing.(The Kobeissi Letter)