Not dumb at all if you know what the true value is. What would it cost a BP in a buyout scenario to take 3.6 million shares off the open market? The only thing dumb about it is that supposed long term share holders don’t think a BP would fall all over themselves to take a huge chunk off the market at this price.
I really don’t mind Fidelity forced out with a loss. They accumulated their position right after the Shmearson article broke. Sure it must have just been a coincidence.