"They were afraid of missing a big run-up in the stock."

The decline was attributed to a big run-up in its portfolio of troubled real estate loans.

The big run-up in stock prices was offered as one source of such a change.

And this was not after a big run-up.

But after such a big run-up, does it make sense to get into a commodities fund now?

"Provided we don't see a big run-up in interest rates, we should have strong sales for the next two years."

In the last eight years, the Pentagon "had a big run-up and now there's a sense of peace in the air," he said.

Not just the 10 or 15 percent correction customary after big run-ups, but all the way down to 4,000.

"But they have had such a big run-up in their stock that it makes sense for them to turn into a buyer."

After the last big run-up in house prices, in the 1980s, a long slump followed.