I have one question. Perhaps it has been answered, and I have missed it. I can miss things under my nose. My search is proving, however, futile. And I'm impatient enough with my progress that I bring the following question directly to the group:

"Is there an assumption in the book, Value in Time, that large institutions must leave a trail of LEV because they purchase or sell securities in relatively-- yet concealed-- concentrations? Is this an axiom of the EV system? Has this assumption been proven empirically or otherwise?"

Please excuse me if I've missed the data or the point in the book or elsewhere.

Many thanks,

Nickola Pazderic