Investors pulled more money out of equity funds in September than ever before, Lipper reported today. Equity funds experienced a net outflow of $32 billion in September. The previous high was $21 billion in March of this year.

This is the third straight month of equity fund outflows, and things were heading in that direction even before the attacks of Sept. 11, according to Lipper. The streak of outflows is the longest since July through Sept. of 1990, when military action in the Persian Gulf was imminent.

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