The bear market and scandal have left a scar on American investors, as many seem to be following a trend of averting risk - which is understandable considering the amount of wealth that vaporized - and investing in a cluster of conservative funds that have been attracting approximately 50% of the total net flows.

In fact, net flows have become increasingly volatile from month to month, driven by short-term movements in the markets, and only a few brands have been attracting most of the net flows since the scandal began. This is according to a study by Lipper of New York, called "Slow Flows: Where Investors' Money Is and Isn't Going."

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