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David Rosenberg, a long-time Wall Street strategist, declared that this generation’s obsession with stocks is officially over after equity funds suffered their biggest outflow in two years.The “equity cult is clearly over,” wrote Rosenberg, chief economist and strategist for Gluskin Sheff, in a note to clients Monday. “The secular shift in investor behavior towards income-generation continues apace.”Investors pulled $11.5 billion out of domestic equity funds (mutual and exchange-traded) for the week ended July 25, while putting $3.1 billion into taxable bond funds, according to Lipper, a Thomson Reuters unit.“A lot of my clients feel that way,” said James Lebenthal, president of equities for Lebenthal Asset Management. “Twelve years of zero price appreciation in the S&P 500 is quoted a lot.”
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