The amount of money fleeing into money-market mutual funds hit $81 billion last week, the largest such flow on record. Meanwhile, the flows out of equity mutual funds, at $46 billion, were almost double any other week on record.

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Data: Hedge Fund Research; Chart: Andrew Witherspoon/Axios

The big picture: What you're seeing is a risk-off flight to boring safe assets — which means that now is the worst time in years to try to open up a new hedge fund. Just 450 new hedge funds were opened in the first three quarters of this year, the lowest number in a decade.

  • The total number of hedge funds and fund of funds is now 9,760, per HFR — down from 10,142 in 2014. The sector isn't imploding, but it has long since stopped growing.

It's also a bad time to be running an existing hedge fund. Jabre Capital Partners this week joined a long list of other high-profile fund managers — John Paulson, Richard Perry, Highfields, Eton Park, Leon Cooperman and many others — who have decided to return money to their investors rather than keep on struggling in a tough market.

Why it matters: Public equities have rarely seemed less attractive as an asset class, even as big private companies like Uber, Lyft and Slack are set to IPO. If you have a good idea for how to make money in this market, good luck trying to find anybody to bet on you.

Go deeper: A hedge fund titan's lesson from the financial crisis

Go deeper

Updated 16 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 12,528,449 — Total deaths: 560,921 — Total recoveries — 6,907,072Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 3,187,270 — Total deaths: 134,117 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: We're losing the war on the coronavirusThe reality of the coronavirus bites.
  4. Business: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship — How the coronavirus pandemic boosted alternative meat.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.

Romney calls Stone commutation "historic corruption"

Sen. Mitt Romney. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Sen. Mitt Romney (R-Utah) on Saturday tweeted a scathing response to President Trump's Friday night commutation of former associate Roger Stone's prison sentence, calling the move "[u]nprecedented, historic corruption."

Why it matters: Romney has emerged as the party's most prominent Trump critic. He sent shockwaves through Washington after announcing he would vote to convict Trump in the impeachment trial — becoming the only Senate Republican to break ranks and vote for the president's removal from office. Now he is the first major GOP lawmaker to condemn Trump's Friday night call regarding Stone.

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We're losing the war on the coronavirus

Chart: Danielle Alberti/Axios

By any standard, no matter how you look at it, the U.S. is losing its war against the coronavirus.

Why it matters: The pandemic is not an abstraction, and it is not something that’s simmering in the background. It is an ongoing emergency ravaging nearly the entire country, with a loss of life equivalent to a Sept. 11 every three days — for four months and counting.