The stock market has been on a bull run since the spring of 2009, but many individual investors have not been buying it. And in 2012, for the sixth year running, they continued to flee equities, pulling some $152 billion out of equity mutual funds and ETFs in the first 11 months of the year, according to EPFR Global, even as the S&P gained some 13% over the period.

Much of that money -- about $90 billion through November 2012 -- went into bonds and bond funds. But close to $60 billion appears to have left financial markets altogether.

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