Ann: Change in substantial holding, page-15

Nah, not naive, have been investing for 40 years and ithe manipulation agument precedes my time frame. It's one side of the self-attribution bias:

when my shares rise it's because of my intellect and expertise, when it performs poorly it's someone elses fault.

I've worked in some excellent publicly listed companies and they all ignored the daily girations of the sharemarket. It's wasted energy when concentrating on building shareholder wealth. The profit, and by proxy the share price, of BHP is not dependent on whether 1 share traded 12 months ago.

The market is a gravy train set up for the patient who are prepared to do the work finding excellent, enduring businesses with competent, honest management. And when they've found that company, staying the distance. Most fail ("big boys" included) at the "patient" step.