Cato, I agree with your version of events. But, if I was a big fund and wanted to extend my holding I would do the same thing. After all it's not illegal, it's just trying to buy at a more desirable price. If they didn't do what they did the price would rocket up until they got their fill and then plummet. Also, when Fidelity sold they did it 2 ways, they offloaded by buying/selling to hold the price steady instead of letting it drop like a stone, also they offloaded 800,000 off market which also prevented the price from dropping. Another angle to view this from is the other major funds. If one was being naughty and eroding their wealth by using their large holding as a tool, then why don't the other large funds counter this by using their large holdings?
It's frustrating and infuriating but I've given up letting it get to me as it's part of the market. Best to ride the waves and pick up a few dollars along the way. It's good to know that large aussie and overseas funds see good reason to invest in Kar. One day soon I think all will be revealed.
KAR Price at posting:
$5.18 Sentiment: Hold Disclosure: Held
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