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Monday, November 22, 1999 The Y2K Melt-Up Money flowing into funds has exploded. In October, $26.5 billion in new money was invested in mutual funds as opposed to the year's low in July when only $9.2 billion flowed into mutual funds, according to TrimTabs.com.
"In October, Janus got $3 million and Vanguard got $3.3 million in equity," Biderman pointed out. This is a great contrast to the $600,000 Janus received in June compared to the $3.8 million received by Vanguard in the same month. Biderman says he expects the "amazing surge" of money to continue to flow into funds through November. "It's part of the Y2K melt-up, early. What I think was going on during the summer was that investors were keeping higher levels of cash around just in case. But the pros in-the-know are feeling secure -- they don't believe the world is going to come to an end. The money is starting to work its way back into the market."
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