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"The hardest thing to explain is the glaringly evident which everybody had decided not to see. "

- Ayn Rand

We should all be so lucky to have an inside peek at a portfolio manager’s playbook. However, I found a way to estimate the trading moves of major funds based on publicly available information. Most investment funds open to retail investors publish monthly fact sheets. Typical content of a fund fact sheet would be key statistics like the following:

In addition to the above, funds also publish a summary of the investments the fund has as of the period end, which can also be found on the fact sheets:

 Read more... (538 words, 12 images, estimated 2:09 mins reading time)

It is ten past ten, and Mark, the order taker, watches the market with anxious rapture. He has a pending order to push, sell a million shares of some mining stock. As he was trained he examines the bids and offers every five seconds, and in between he watches the stock ticker, which has been sluggish all morning. He can sell anytime, but he waits patiently as he was trained. If he could find a good opening he could sell at a higher price and beat the average: two, maybe three cents better to make the client happy. He waits anxiously.

And then it happens.  Read more... (829 words, 11 images, estimated 3:19 mins reading time)