It appears Bank of America's high net worth private clients (who together with hedge funds and institutional make up the so-called "smart money" investor category) are not the only ones who have been quietly offloading stocks.

Moments ago, in an email blast to JPMorgan Chase's own high net worth "Private Clients", the bank issued an "Update on Market Volatility for Chase Private Clients", in which it advised clients that while "recent volatility in the markets reminds us that investing can sometimes be unpredictable", it is encouraging clients to "stay invested." Perhaps Chase is worried that with the market back to all time highs on nothing but central bank intervention, some of the "more timid elements" are running for cover. One wonders how substantial the liquidations must have been for JPM to send the following email:

Here are some of the hints from the linked pdf:

Recent volatility has reminded investors that markets behave in unpredictable ways. The S&P 500 fell more than 10% last August and again early this year—and regained most of its value in a matter of weeks both times. Even the most experienced investors find this kind of volatility unsettling. Yes, you may know volatility is part of investing, and risk is a necessary part of reward, but knowing it is one thing—and living with it is another. It’s no surprise that many investors question themselves during bouts of volatility. But too often they ask the wrong question: “Should I stay in the market…or get out?” Moving in and out of financial markets can actually work against you. “Time in the market”—not “timing the market”—is what ultimately leads to successful investing.

That and of course betting that central banks will keep blowing the biggest bubble in history even bigger.

Some other tips:

Create a plan—and keep it up to date

Let time smooth out your returns

Don’t mistake a bad month for a bad year

Diversify, diversify, diversify

Be prepared for the turnaround

Meet with your advisor at least once a year

Not convinced yet? Read the following 4 page pdf and never sell again.