Money market madness: Since 2020, investors have poured +$4.5 trillion into cash funds, such as money market funds, the most among major assets. Net inflows to these funds have TRIPLED since 2023. Over the same period, equity funds have seen +$2.7 trillion in inflows, doubling over the last 3 years. Meanwhile, bond funds have attracted +$2.1 trillion, tripling since early 2023. Gold funds have seen +$100 billion in net inflows, amid a massive rally in gold prices. Safe-haven assets are in high demand.