Ann: Change in substantial holding, page-7

Yep the great economic slowdown!  Personally it seems as if there has just been a huge change in sentiment world wide and risks assets are falling and hence being sold at an increasing rate*.  I have bought ARB fairly recently along with a number of higher growth businesses such as CAR, SEK and RWC.  All continue to sink like a stone but I can't see the theoretical discount rate applied to these businesses changing much in the future.  Sharply higher rates/an economic slowdown are starting to be priced into a number of the better quality businesses.  No doubt I am too early but if the market falls another 10 or 20% I will look at remortgaging our house to provide more equity to invest into the market.

As for fund managers selling - ophir asset management made an interesting point in a recent update that in situations like this fund managers will sell the more liquid midcaps to cover redemptions and avoid selling keystone large cap holdings or illiquid small caps.  No doubt there are plenty of redemptions to be covered right now.

* Of course eventually this will have an impact on the real economy and despite Powell basically stating that stock market movements won't impact fed rate rises, he may have cause to reverse this decision if the markets continue to fall.