Scale In and Scale Out

  

You're a big institutional investor (big by assets under management, not by size). You scaled into your long position in MSFT by buying 22 million shares (big-time "scale"). You rode it from $38 to $150. And now you think they're done growing for a while, so you want to scale out. That is, it takes you days of smallish selling...a million a day maybe, at most, so that you don't move the market prices on your way out to quietly take your profits, pay taxes, and move on.

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