Three weeks ago, January 2002 was the worst January in a decade in terms of equity fund flows. A few days later, January 2002 was a great, $20 billion month.

Mutual fund data provider Lipper had published its monthly release on fund flows stating that a paltry $3 billion had flowed into stock funds in January, which is usually a very good month for the category. It turns out, however, that those estimates were completely wrong.

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