With the 100 million share pool in mind, a brief comment on liquidity from an earlier post.
<<<Let me talk about liquidity for a few minutes.
In a 24/7 world, a world without boundaries, it can appear anywhere at
any time. It can also vanish even in the most liquid of markets when
it's bloodbath time.
But wherever it appears, it attracts those in search of efficient trades
and lower costs and becomes the benchmark against which other markets
are evaluated.
Indeed, whenever liquidity appears, major issuers, major investors -
such as pension fund managers - as well as small independent investors
alike - are not simply drawn to it.
They are forced to gravitate to it in order to provide for their clients
and themselves the best return on their investments.
Sarah Basey, the head of trading for Fidelity International, the
non-U.S. arm of the world's biggest fund manager, puts the matter very
crisply.
"Our biggest challenge is finding pools of liquidity. If we find them we
have to go there. Our priority is to fulfil clients' orders."
Merrill Lynch's head of trading is even crisper. "What matters is having
the greatest pool of liquidity."
The greater the liquidity, in other words, the greater the attraction to
capital. And conversely, the less the liquidity, the greater the
difficulty in attracting issuers and investors.>>> |
