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Improving quality of PF is a constant pursuit. Need Zealous effort to keep watch on own line up, order & weights.

As markets rise, the tendency to give this pursuit up takes over. Money comes easy. A loosening tendency evolves. Investing turns lazy. 1/5
Heavy fund inflows make a manager think less about returns and more about deployment. Too much cheese on his plate makes him less hungry.

He no more enjoys investing. Yet, his plate is always full.

He only finds ways to deploy. Returns become secondary. 2/5
For a while, returns happen by themselves even as rampant mirroring of PF's occurs.

So aping in buying gives near term returns too. Slowly, the entire herd move to graze in a small area.

That's when a Lion roars & moves to kill. Everybody freezes wet. 3/5
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