"The collective buying power of the HC pool alone, given...

"The collective buying power of the HC pool alone, given conviction levels could easily stimulate the demand side. Why is this not happening ? IMO, the reason is simply that everybody has their fill."

No doubt that applies to most of us, anyway. Hopefully, there will be some who are waiting until they think this retrace has bottomed out, but essentially we are back to where we were at the fag-end of 2017 - in dire need of new investors to take up the buy-side slack.

I think your wider point about too many ultra-high-conviction (and therefore fully-loaded) shareholders is very interesting and pretty much hits the nail on the head. But is this not precisely why a CR later this year - well prepared, planned and executed - could be the making of the stock? As with any CR or IPO, the key to real success will be putting together a posse of funds and sophs eager for more than they're going to get - not so far short that they can't be bothered, but short enough to make them active in the aftermarket. We need to create conditions of unsatisfied demand.