Are retail investors getting exhausted? Retail equity weekly purchases are down -30% since the start of the Iran war. This comes after February was the 3rd-highest month on record for retail purchases. Furthermore, ETF inflows dropped -22% last week, following 3-months of strong demand. On Monday, retail investors posted their largest daily sale of single stocks in a month. Purchases resumed on Tuesday and Wednesday, but were below the year-to-date average. The pattern mirrors the early weeks of the 2022 Russia-Ukraine war, when retail initially bought energy stocks and ETFs, subsequently sold, and returned to buying as the war unfolded. Retail is getting sick of the volatility.(The Kobeissi Letter)