In fact, October was the beginning of a fairly astounding run in several market sectors. Humans try to apply knowledge and experience of past events to the future, when these outsized returns are historically extraordinary. Moreover, our desire to assign logic to these events precludes us from making a rational assessment of the risks such returns can bring about. People holding mutual funds are asking other humans to do something that they are simply not designed to do. Superior investing returns may be achieved by those who retain the self-awareness to overcome our limitations.
Investor psychology is a powerful force.
It is also generally to our detriment to get caught up in it.