Hello Fung C.F.,

Thank you for your praise, and for your comment. I neither agree or disagree with your comment. However, that comment and others like it is tough for me to understand. Why? Because for the those buying and selling securities today, for example, some were purchasing/selling securities with an intended time horizon of just a few seconds, or minutes, or days, or week, or months. But others may have been purchasing/selling securities with an intended time horizon of 3 years, or 5 years, or forever. How do we distinguish who is who from market data? It could be that a short-term time horizon buyer today bought securities from someone that held the same securities for 35 years. I am interested in your thoughts on this issue.

Yours, in service,

Jason