susana

I'll summarise my understanding here:

In order to have a completely diversified portfolio under the "completion portfolio" method

-- the low basis stock will slowly be liquidated

-- as liquidation will result in tax consequences, other assets will be necessary to offset the high profits -- essentially, you'll have to offset tax effects

-- liquidation will take time to achieve, so its slow

-- not sure whether it's actively managed -- the low basis is liquidated for a diversified
portfolio, so don't think its "actively managed" in the sense that the completion will have unsystematic risk exposures

-- you don't need other people for the same stock, that arises in a private exchange fund if I remember correctly