Loyalty Options, page-61

Forget a million shares. With the illiquidity associated with arl, buying 300k would by one within a day will force the sp up not down as for one to buy there will also be others that are attracted too. If you don't believe me try it yourself. Try to by 400 k on tues without causing the sp to rise dramatically. A million shares would cause a 20 percent rise minimum as it would require at least 3-4 million turnover. The assumption that when one person is buying no one else does is ridiculous. If one just accumulated it would take a few days if not weeks as there is competition. Look at instinet and see how long it took them to get 4 mil. It took me a week to get 300 k withough forcing the sp dramatically and at times being forced to buy higher as plenty of competition when stock becomes available. Further it is a game of poker where the real accumulators do not show their hands until the end.