I've been gathering from several sources that fund managers are holding lots of cash at the moment, more so than stocks. That would make sense in the current environment but that also means that all the money has to go somewhere eventually. I think everyone's just waiting at the moment for something to turn the tide. That said, now would be timely to pick up solid stocks on the cheap. $20billion flowed into the Singapore stock market in the first 7 months of last year followed by a $40billion exodus out of it since. That would result in some sort of imbalance I would think. Also, I vaguely remember reading somewhere that the participation of retail investors in the last bull run was not as fervent as the one in the 1990s. It could be due to the trauma and paranoia effect from the collapse in '97. A decade after that collapse perhaps retail investors are wiser and have gotten over the experience. After all, time heals all wounds does it not? (Figure of speech don't disagree!) We shall see...