The liquidity is an issue if you need to sell a large holding...

The liquidity is an issue if you need to sell a large holding and can't find an off market deal. Some funds can be indiscriminate in selling especially if they have lost a mandate which I suspect was the case in some of the selling in the past year. However you need to to keep reminding yourself of the 101 of share investing : the price does not always reflect the intrinsic value. It's pretty obvious what is happening now with the desperate search for yield from retirees : FID offers a healthy yield going forward and there is an army of new investors that would be delighted with a 6% franked up dividend compared to a cash rate of 1.5%. From a technical point of view it looks like the break out price is firming up at $5.60 and the buy and sell spread is contracting. Might take a couple more months to work through but the wild 20 to 30 cents gyrations have been less frequent of late. My theory was buyers ( or programmed algos )were selling tiny amounts of stock to force the price down in the buy/sell spread to pick up stock at cheaper prices because it just seemed irrational a genuine seller would sell stock at a level then sell stock 20 to 30 cents lower on the same day.