If you find yourself spending a lot of time recently obsessing over how much money has flowed in and out of the financial markets, you might want to find a hobby.
Truth is that while metrics showing how much cash has been moving out of bonds and into stocks, or vice versa, make for interesting dinner conversation and provide a slight peek into the mind of the retail investor, they don't tell you very much about actual price movement.
A lot has been made of the record $73.1 billion that, according to market research firm TrimTabs, came out of mutual and exchange-traded bond funds in June.
While fixed income flows remain positive for the year to the tune of about $42 billion, investors have focused on the recent money movement and the sharp corresponding increase in interest rates.
Tuesday brought news that bond giant Pimco's flagship Total Return Fund—down 4 percent in 2013—saw record outflows of $9.6 billion in June, according to Morningstar. The $268 billion fund, though, rose as the news hit.
(Read More: Ouch! Pimco Funds Suffer Record Outflows in June)