Connaught Plc - An Analysis

I suspect that you misunderstood him, Cawkie. Buying stocks on the last day of the year will not affect their performance or their fees for that year. What it may do is create the impression that they are at least holding some stocks which have performed well and thus make their stock selection look better (to people who don't know how long the stocks have been held). They are guilty of waste and a rather childish attempt at deception, but not of theft.

Deception (and indeed self-deception) is common practice among market professionals, as we all know.