This is what he said (watch the video after the jump):
"It's very strange for someone like me who watches money because individuals have been selling, companies are net selling, [...] insider selling and new offerings are swamping any buyback or any cash M&A activity since QE2 was announced. Pension funds, hedge funds don't really have that much new cash to invest. So [...] who's buying the stock that people are selling. It's QE2. Since QE2 the market's gone up. So what nobody's asking or what I'm asking is what happens when QE2 stops? If the only buyer is the Fed and the Fed stops buying, I don't know what's going to happen."
On where money is leaving: