One of the interesting things about the coronavirus selloff is whether it is driven by retail investor fear or institutional repositioning. On a few Bloomberg podcasts, I've heard a few analysts make this point, and recent fund flows data gives us a complicated picture. On the one hand, retail-investor oriented index funds such as the Vanguard S&P ETF (VOO) and Vanguard Total Stock Market ETF (VTI) have actually seen net inflows over the last month. Lipper Alpha sees net outflows across the board, although net outflows from equity funds declined significantly