Ann: Hartshead Completes Transformational Farm-Out Agreement, page-27

I certainly don’t disagree with most your sentiments! I would add that institutional fund managers tend to be highly sensitive to criticism from their peers, for the simple fact that they may end up with a lesser bonus from their bosses at the end of the year if they are seen to be holding a stock that has underperformed, even over the period of a month. They are also highly sensitive to client reaction to underperforming stocks if they are still listed as a holding in their monthly report. Much easier to flog the lot, put in the loss basket and look for something else to make it back.
Nuts, I know, but it’s much easier to explain a loss than a losing position still held.
Funds used to do a market to market valuation every 3 months. Nowadays it seems like less than a week. I’m not exactly sure how they are able make their customers money with that sort of extreme short term time horizon.