And with little cash on hand, some funds no doubt dumped stocks.
Had the $8.8 billion fund been forced to dump stocks at a loss to meet a tidal wave of redemptions?
While most investors were dumping stocks in the hope of preventing further losses, the Schapiros held on.
Traders said some buying in the oil market came from investors who dumped stocks and were seeking havens for their money.
And he believes they will not dump stocks in a wholesale fashion.
Investors immediately dumped Japanese stocks although the market later recouped some losses.
Some also argue that a threat to the dividend tax cut is not a reason to dump dividend-paying stocks.
That may come as a surprise to those who have dumped stocks in anticipation of higher short-term rates.
When people first start becoming pessimistic and dumping stocks, prices start to fall.
Instead, investors spent the week dumping stocks as fast as they could.