Where is the Smart Money?

With more than 70% of US equities being held by institutional investors, why do guest of CNBC start recommendations with "Well, Erin most of the smart money is moving into....". Therefore the viewer at home should run to the phone or Internet and follow this wise shepherds into 50% market declines. CDOs was a rich man's game, however if I had the capital I might have followed my peers into the Labyrinth of write downs. But the problem is this group is subject to the same delusion, however they control your pension, 401k and life insurance policy. To make matters worst, they come on television and give recommendations that influence viewers' selection. This week, I am conducting a self experiment by not watching, listening or reading any news other than AP bulletins that are mostly subjective and deal with securities. I do not think I will make a tremendous leap into enlightenment by blocking out the noise but I want to see how much my decision making is influenced by the media.