### Comment:
Who do you think sold first when things were down and bought first when they were going up? It wasn't dumb retail traders or slow pension funds.

### REPLY:
Jeffries trading was down 11% and that was *only* October and November, December was the bloodiest month we've had recently. Even Citi's CEO came out in December to say to expect lower numbers in their investment banking/trading division, you're delusional if you think they'll do well.

### END.