Some funds noticed the market inefficiency caused by massive inflows of funds into illiquid stocks and short the shares of companies affected by it.
There's probably also some funky statistical reason why presuming that companies which join a Russell index will leave it shortly is not a bad bet.
For myself, I don't think it is an issue specific to Wave.
Anyway, Wave has proved that patience isn't a bad policy in this respect.
Wave has a job to do to demonstrate it is better than its surface appearance. The numbers tell their tale to a point in time and they paint a picture of long run effort, which so far has not yielded a matching reward. Forecasters lose their persuasive power when the tea leaves have lied for so long.
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