Very good chart, page-122

I have already pointed to why in very clear English! It's because of the EVIDENCE!

Validation 101 for Dummies:

1. Download BMM's F604 from last week (announced 12/08/21).
2. Open the file.
3. Breathe.
4. Look at the table of trades in Section 3, which shows **ALL** changes of ownership (i.e. ALL Buys and Sells) since the last notice was given. This table MUST show ALL trades that occurred since their last notice (i.e. since 24/12/20), not simply a sanitised selection.
5. Note very little trading activity. Only five days of trading (Selling), commencing on 02/08/2020 (a simple typo but really means 2021).
6. In order to churn, one MUST BUY AND SELL... very REGULARLY.
7. No buying means no churning.
8. Simples!

If you pay attention and you know how to read the various announcements/disclosures which are made from time to time, you'd be amazed at the insights you can glean into actual events, rather than having to rely on a preconceived idea that starts to look more like a religious belief system.

If you want an example of actual churning download the UBS F603 (announced 28/04/20) and have observe the spreadsheet attached as Appendix B at the end of that document. That's what real churn looks like!

Honestly...