The buyers of stocks may not be who everyone thinks they are.
Last week, Goldman Sachs released a report saying the recent bull market is being increasingly fed by a single source: exchange-traded funds. The Wall Street Journal echoed on Wednesday with an article titled "ETF Buyers Propel Stock Market Rally." That certainly follows the recent narrative that the great shift to passive investing -- ETFs predominantly follow indexes -- is what is driving the market. It is also appears to be wrong, at least according to the most recent data, which came out earlier this month from the Federal Reserve.