The fact that the markets float is shrinking (RFC)is not news to us. Nor is the fact that Valuation is all but absent, and what valuation is going on, is a function of systemic hubris. As architects of distribution systems know, the broker dealer, is the retail interface, its job is to facilitate the acquisition of customer inventory, to maintain said inventory, and to monitor the clearing of supply to ensure customer satisfaction.
Inventory that is scarce, is acquired by investors to reflect expectations that the inventory is undervalued. Here and now, or ten years previous, its become clear, that the BD community is failing to locate inventory, bought and paid for by retail/investors as primary customers.
This failure shows up in price suppression of stock prices, the price suppression facilitates a combination of customer churn and outright fabrication of the price mechanism to benefit hierarchal satisfaction, as self interest.
The absence of valuation is one clear path to recognition that prices have been made artefacts of prevailing systems intent. Missing information abounds in the reporting about stock holders and their ownership of parts of particular floats.
These disconnects deny the market owners from assigning value, or in fact of deriving value from purchased holdings, as bogus inventory is substituted at will, to deny investors from participation in the actual mechanisms for achieving market prices.
It is a known fact that 70 some % of all inventory is owned by individual investors and yet the sums of these holdings are not accounted for, by the day, quarter to quarter, year to year math of the market.
In the past we originated commentary about this condition characterizing it as obfuscation. These conditions previously described are inadequate, so we've begun to characterize obfuscation as malfeasance, as the origin of the obfuscation has a will of its own, and therein lies the rub, the conflict of interest which ignores the laws governing stock issuance in service to hierarchal self interests, without regard for the market mechanism or any of its constituent parts, no matter how they break down, are arranged, or classified.
Customer/Investor interests are not being represented in the market mechanisms. They've been suborned, derived, converted, subverted, without consent or legal standing.
These disconnects are most evident when the concept of the relative float constant (RFC) is active, its no wonder why it seems to be the missing information for the entire industry, because the facts of RFC, indict the self interests of those committed to making a living at darn near everyones expense. |
