From: "Gary Britt" 

Well then, have they bought enough of any oil company stock to cause its
price earnings ratio to be pushed up?  If not, then they and the rest of
the market aren't buying in quantities that would be expected for an
"extraordinarily profitable" company.

Gary

"Bill Lucy"  wrote in message
news:MPG.1e0c15c8148f62c6989783{at}news.barkto.com...
> In article , email{at}from_Gary_Britt.org says...
> > We aren't discussing pension plan investing so whether I was right or
wrong
> > or if you just misinterpret the meaning of what you quote back below is
> > irrelevant.
>
> Institutional investors (AKA "pension plans") move markets, Gary. When
> CalPERS decides to buy shares in ConocoPhillips, the purchase will move
> the stock price up, because they won't buy odd lots -- they'll buy
> 100,000 shares or more.
>
> I used CalPERS because they represent pretty clearly where institutional
> investors place their money. I could have used any large pension fund as
> an example, and the names at the top wouldn't change much.
>

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