“Mystery” Buyer Of Stocks In The First Quarter Has Been Identified
zerohedge.com / by Tyler Durden on 05/07/2015 12:51
Three days ago, when looking at the unprecedented, record outflows from US equities (coupled with continued inflow into bond funds into what BofA’s Hans Mikkelsen would likely dub the Great Antirotation) we asked a simple question: “who is buying… no really“.
Then yesterday, the spoofing algos were briefly spooked when Yellen, for the second time in under one year, issued a warning about valuations, only this time instead of bashing the biotech and social media sector, the non-Series 7, 63 certified financial advisor brought attention to the entire market saying “equity market valuations generally are quite high.”
She was referring to a level in the S&P around 2100 (aka 21x forward GAAP P/E multiple) which is where the S&P has been trading for the past several months, a level which was as high as 2120 in the first quarter, on February 20, 2015.
Yet, one entity that clearly disagrees with her assessment is none other than her peer institution in Switzerland, the Swiss Central Bank, which as we noted earlier, owned a record $1.1 billion in AAPL stock as of March 31.
The Swiss National Bank is also the answer to the question we posed, rhetorically, a few days ago:
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“Mystery” Buyer Of Stocks In The First Quarter Has Been Identified
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