We know there is one indiscriminate non-economic buyer in the US equity markets – the entirely ignorant of valuation concerns, funded with record high leverage, corporate buyback machine. But who is selling to them? Once again, as BofAML notes, institutional clients are net sellers of US equities since Mid-April (and are cumulative net sellers year-to-date). So do you chase the non-economic float-shrinkers… or the large professional investors?