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"Fund managers are looking at last week's rally as a good opportunity to raise cash to meet future redemptions".
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Deposits have become dearer and banks are shrinking their balance-sheets to meet debt redemptions.
But if investors continue to flee, it will have to meet those redemptions.
As other fund managers were stockpiling cash late last year to meet shareholder redemptions, he was spending all he could afford.
Because index funds keep little to no cash on hand, fund managers must dump shares to meet holders' redemptions.
The funds had to raise cash to meet those redemptions, which led them to dump stocks seemingly without regard to price.
State Street sold the most liquid holdings to meet these redemptions, the S.E.C. said, leaving the remaining investors with largely illiquid holdings.
With bull market fans streaming in Janus' door, the traders there haven't had to liquidate positions to meet fund redemptions.
In this way the Seder dinner not only commemorates the historical redemption from Egyptian bondage of the Jewish people but also calls to mind their future redemption when Elijah and the Messiah shall appear.
Although eschatology is the doctrine of last things, the Jews who anticipated future redemption did not expect the end of the world.
But even as they serve as "guarantees" of the future redemption, Judaism and Christianity also serve crucial roles, according to Rosenzweig, in realizing the actual redemption in the world.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com