... index funds In other words, new money is, in fact, smart Mutual Fund Buys and Sells 103 B Portfolios of Funds Sorted by Money Flow In this section, in order to examine the pervasiveness of U.K investors ... based on fund values and fund returns Third, we can distinguish between institutional and individual money f lows Fourth, we can distinguish between purchases and sales A further advantage is that ... implied f lows This observation is consistent with investors making good mutual fund choices and implied f lows being an approximation of actual investor behavior Mutual Fund Buys and Sells 111 V...