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00:00WE ARE JOINED NOW. YOU ASK WHO IS BUYING EQUITIES AND EVEN THOUGH WE ARE SEEING THESE RECORDS, YOU ARE SUGGESTING IT IS NOT EXACT THE RETAIL, IT IS NOT EVEN MUTUAL FUNDS. THEY ARE SELLING. >> THANKS TO HER YOU HAVE A DISCONNECT WERE GLOBAL EQUITIES ARE UP 8% SINCE MID-MARCH BUT AT THE SAME TIME, MUTUAL FUND AN ETF REDEMPTIONS ARE OUTFLOWS AT ABOUT 130 BILLION. IT RAISES THE QUESTION OF WHO IS BUYING AND AFTER DOING SOME DIGGING, YOU HAVE A PICTURE WHERE PHASE ONE OF THE RALLY HAS BEEN DRIVEN BY SHORT COVERING, FUTURES BUYING, AND REBALANCING OF A IT IS AN THAT LOOKS LIKE IT IS LARGELY DONE WHERE WE ARE NOW TRANSITIONING INTO PHASE TWO AS TO WHAT IS HAPPENING WITH THE INCREMENTAL BUYER, RETAIL AND FOREIGN OWNERS. TO PUT INTO PERSPECTIVE, NET FUTURES BUYING AND SHORT INTEREST COVERING IN THE U.S. HAS THEN AT $120 BILLION FLOW TO EQUITIES AND THAT IS FAR OFFSET THE SELLING THE SCENE FROM RETAIL -- MUTUAL FUNDS 50 BILLION. VONNIE: I HAPPENED TO CHOP -- CALL THAT UP SINCE YOU MENTION IT. 279 SIX FOR THOSE WHO WANT TO FOLLOW ALONG AT HOME. YOU CAN SEE THAT BETTING ON HIGHER STOCKS, RETURNING MORE POSITIVE BUT THEY ARE STILL PRETTY HIGH WHEN THEY'RE COMING TO IT. A SOUNDBITE FROM CARL ICAHN WHO ERIK SCHATZKER INTERVIEWED YESTERDAY. LISTEN TO WHAT HE HAD TO SAY AND WE WILL CHAT ABOUT IT AFTERWARDS. >> ZERO INTEREST AND A LOT OF HIGH BACK. THINK OF IT AS A RICH FAMILY THAT HAS A LOT , A LOT OF FUN, WE WILL SIT AROUND THE POOL, AND WE HAVE GOT A GOOD NAME. YOU KEEP DOING IT UNTIL YOU GO BROKE. IS HAPPENING IN OUR ECONOMY. HUGE BUBBLES. VONNIE: WHAT YOU THINK? >> I THINK HE SUMMARIZES THE CURRENT BACKDROP REALLY WELL. Q2 GDP IN THE U.S. DID A GOOD JOB WHERE YOU DO NOT TYPICALLY SEE 4% REAL CONSUMPTION GROWTH AND -9.7% INVESTMENT. I THINK THAT IS DRIVING THE LOW INTEREST RATES. YOU HAVE AWKWARD TENSION OR A TUG-OF-WAR FOR INVESTORS IN YOUR OPTION IS ALMOST 0% IN CASH AND MODERATE RETURNS AND RISKS IN BONDS AND EQUITIES. CHOOSING BETWEEN THE LEAST THAT ALTERNATIVE. FROM THE PEACE THAT WE WROTE ON MONDAY, THE PICTURE, THE SHORT INTEREST GETTING BACK TO THE LOWS, LEAVES THE MARKET VULNERABLE ON THE WALL OF WORRY HAS COME DOWN SO THE MARK IT IS PHONE HERBAL TO THESE RISKS BUT AS POINTED OUT, ALONG THE WAY, GIVEN LOW GROWTH AND GIVEN CORPORATE STEW NOT SEE THE GROWTH ACTIVITIES AND RETURN TO CASH SHAREHOLDERS, THE BUYBACKS AND UNDERLYING BID FOR EQUITIES,

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Who Is Buying Equities as Stocks Lose Momentum?

Keith Parker, head of cross-asset strategy research at Barclays, examines who is buying into stocks as markets come off of record highs. He speaks with Bloomberg's Vonnie Quinn on "Bloomberg Markets." (Source: Bloomberg)

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