Hi jermart,
I'd have thought this was not something Calpers will share with this board or with the public. What makes you think they will do so?
I'd have guessed that what they know about Wave is much the same that you know. I expect they make up their minds partly based on known facts about their investments and potential investments (such as Wave). And then they will also have their own internal rules - as many funds do - about stock prices, market values, average volumes etc. Based on these internal and external factors, they will make a judgement.
I should also think that they would argue their decision internally on the basis of reason rather than inuendo. So they would care about what they know rather than merely arguing the position based on the current status of their ownership. And then they would also acknowledge what they don't know as well and allow that there is a realm of uncertainty.
In my view, it's okay that folks make different judgements about the future. But I'm not sure how much light gets shed on Wave's prospects by wondering why a third party has sold stock. Insider sales may provide a bit more insight, but even then ...
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