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Author Joseph Mariathasan comments that "After a major crash, Institutional investors are often forced to reduce risk exposures, which means selling equities at the bottom of the market.". Just to be clear, what forces this bottom-selling? Is the author referring to phone calls from clients screaming "sell!" or is it due to something else? Because my first reaction is to object here and say "Of course they don't have to sell at the bottom, unless their clients tell them to."