In the first nine months of 2010, investors pulled $57 billion out of mutual fund, $80 billion in 2011, and more than $100 billion in 2012. There are just too many unknowns—Spain, third-quarter earnings, the election and the fiscal cliff—for investors to stay in. However, some of the $470 billion that has been pulled from U.S. stock mutual funds since 2008, has found its way into exchange-traded funds. ETFs are now at a record high of $1.3 trillion.

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