Actually the share price can in theory move up on very limited...

Actually the share price can in theory move up on very limited liquidity if there is more demand than supply and the market participants form a view that the company is undervalued.

FML is a prime example of this. Since its demise with the bottoming of it chart and the exit of all the major institutional investors its share price has risen on limited liquidity. If FML were to make a major new discovery I'm sure its share price could rise nicely without the presence of any institutions on its register. I know some people here invest on the basis of the moves made by the instos. That's not my style because if you do this you are investing based on secondary effects. I invest based on my own perception of value and the assumption that the rest of the market is wrong. If the market is always right you might as well pack up your bags and go home because it would leave zero opportunity all of the time. How much of this insto robo-trading is based on close assessment of the reserve/resource metrics, ie cut-off grades, geology considerations? Not much at all I would expect. Take the Hill 50 Deep resource for example. The resource looks fine in the isolation of a table printed at the bottom of an announcement but as I've just recently posted if its sitting at a depth of 1,500m in a disused mine then one should really consider that when considering its value to the company. You can see for yourself the recent behaviour of ASX gold stocks, more or less all falling in unison due to US dollar gold price sentiment when the $A gold price has range traded at a comfortable level for most Australian producers. That's the institutions for you. Totally illogical and not worth following or having on the register in my opinion unless you are in the market for capital. If you've got an organically growing company that doesn't need equity funding I can see absolutely no need to have these leaches on the register. Eshmun