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One large investment firm tracked the behavior of individual investors during the stock-market turbulence of early April. Here's what they found.

Pointing to data showing run-ups in foreign purchases of U.S. stocks before the 1987 crash, the dot-com bubble in 2000, and the 2008 financial crisis, Ed Yardeni wrote in his eponymous research newsletter, "Their buying has a record of being a contrary indicator. They tend to be big buyers right before bear markets."