When Assays ?, page-139

I agree i.e. someone that doesn't hold, just might have done the necessary research and come to a logical conclusion to either buy, or not to buy a stock (I do the latter almost every day).

Unfortunately, it is extremely rare (at least here on HC), to hear from someone who has actually done this necessary research. Having said this, this applies to both "holders" and "non-holders".

Indeed, it has been my experience, that the majority of investors shouldn't be investing in small caps at all i.e. they don't have the time (or expertise?) to do the necessary research. In fact, from what I can see, most investors are simply taking a punt.

Cheers.