Ann: Appendix 3B, page-6

that's one of the biggest mistakes shareholders make, following the largest holders into oblivion.
In the vast majority of cases where stocks have fallen on hard times the large holders never sold. Why? There are two reasons
1) they have no special inside information, and
2) they have too many shares

I reckon this is true 99% of the time. Follow the large holders of a down trending stock at your own risk. Pretty much all the time they go down with the ship. Never assume they have inside information. They do not. They might hold 10 stocks and if one goes well it makes up for the other 9 losses.

AVQ can go to 1 cent and all those large holders you think have special inside information will still be there