BREAKING: The Vanguard S&P 500 ETF, VOO, posted a +$20.82 billion net inflow in November, the 2nd-highest in at least 4 years. This also marks the 5th consecutive monthly inflow. Year-to-date, VOO net inflows are now up +17%, to +$124.29 billion, on track for its biggest yearly inflow since its inception. Since the start of 2023, the fund has seen just one month with net outflows. Investors are piling into US large-cap stocks at a record pace.(The Kobeissi Letter)