Consider the large, public pension funds in New York, California, and Illinois. They are few and large, and they have an enforced wedge, they do not want to suddenly crash city and county budgets.
So, they are betting inside information, keeping the market buoyant until all the cities and counties mark to market on labor costs. They are caught in a squeeze, a dangerous squeeze. Their liquidity gets short, they have to meet current payments. So sometime soon they stop, suddenly, induced by a pension stampede.
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