Where's the Smart $$$ Coming Out of Stocks Going?

My weekend column noted that public investors, who on average were pulling money out of the market until late last year, are now pouring money in at their fastest pace since 2007, while indications are that so-called ‘smart money’ (Wall Street institutions, the trading departments of major banks, insurance companies, pensions plans, hedge funds, etc.) has been pulling money out of the stock market this year, and especially since May.