I&#x27;m skeptical that the presence of buy and hold investors is the missing ingredient.<p>Even if 15% of investors are speculators, the price can still swing drastically, since price is a function of supply and demand, and the charts we&#x27;re seeing are not volume-weighted.<p>Market price stability is a function of the uniformity of supply and demand over time.  Buy and hold investors already own the stock so their preferences are not reflected in short term supply&#x2F;demand uniformity (price stability).<p>What we&#x27;re seeing in China is a lack of uniformity of views on the future price, and thus rapid fluctuations in supply&#x2F;demand uniformity over time. Government instability plays into that tremendously.