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> What is the truth of the rumor that it was a pension plan buy program that
> set the ball rolling today?
Possible but not likely. While a fund may be big enough to move the market,
it can't because it spreads its assets among many managers. No one manager
has a big enouth piece to move the market. I suppose it's possible for the
managers to act together but from my experience it would be a tough act to
pull off. Managers eat, sleep and die by performance stats. To make an
investment decision that might hurt performance would be a tough act to sell
to them. They tend to be very quiet and long term in their buy/sell
programmes. To do something noisy and show their cards and thus risk
performance just isn't something that they would be very willing to do.
Regards,
Mike
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