Chart, page-220

Yep, that makes more sense to me. I think the opportunity cost of funds tied up often goes unmentioned when people are looking at why stock prices fluctuate. These microcaps don't trade at fundamental value, which means non-fundamental factors drive stock price fluctuations, so it's very hard to predict why the stock is behaving one way or another.

There seems to be a human-driven response of people wanting to draw cause and effect when in fact it isn't there. Nasim Taleb has a fantastic book on the matter called Fooled By Randomness for those interested in these sorts of things.