Thanks to our friends at 2CG for highlighting the collapse in the levels of investments of European insurance and pension funds in quoted equities.  The bulls see this as confirmation of the wall of money sitting on the sidelines just waiting to get back into stocks.  But the worry is that some investors, particularly some insurance companies will not be back to the equity markets for some time at least.  The retail investor also appears to have capitulated.  Targeting the right investors might just be getting more difficult.