Rebels:

You are not only correct but, most hedge funds have even more restrictive covenants. These covenants restrict commonly a shareholder to withdrawal of funds to two periods per year. We are in one of those two periods at present. This is causing some extreme sell offs at present as anxious hedge fund investors are liquidating at predictably increasingly distressed levels.

As I write this, CNBC just announced that hedge fund redemptions are up 40% YOY. Obviously, these practices of hedge funds create irrational disorder in the markets by their compression of periods of redemption to limited and compressed time frames.

Brian