Tax is the exact reason why some long-term holders would not...

Tax is the exact reason why some long-term holders would not sell their shares even if they thought there was short-term weakness. For some investors this means a 25% tax hit selling before one year compared to after 1 year. Not everyone invests via self funded super vehicles.

Saying all this a number of long-term holders did sell out quite a while ago. I sold the majority of my holdings and only bought back in today. So, whilst the opportunistic SPP traders like to think they are smarter than everyone else, this is furthest from the truth, as many long-term MAK holders were free carried anyway from its previous performance. Whilst these opportunists will be long gone soon, the long-term holders will remain to hopefully benefit in the future.