It's a good post Andrew, but I think it over-rates the importance of the small investor to the large Investment Managers. They don't actually care about us at all.
An IM's stock pickers don't sit there looking to dump and repurchase shares for a day traders profit. That just kills their tax effective positions. They have to get approval from their pre-trade compliance teams anyway, so it's not an unrehearsed quick play. The Rivkin style picks and trades are only for small retail style punters and the money is made from selling the punters the advice, not the investing itself.
Most of the rules of Charting (TA) don't really apply either. When "resistance" is 100,000 shares and you need to sell 4,000,000 it's not even a speed bump. It's actually a bonus when you're trying to move a large parcel on-market and orders start coming in against you. All you really care about is selling the position (filling the order) consistently, for what the market deems a fair price (and hoping the back office don't screw something up).
