In some circumstances, such a decision by management might even be anticipated by the traders: "You know that if ... your manager sees that you're down $10 million ... the likelihood that lie will ask you to get out of this position is very high. It's not a formal stop-loss but ... it's there." (Kaplanis interview) In the case of hedge funds, the issue was investor rather than manager queasiness.

Donald MacKenzie, An Engine, Not a Camera, loc. 1045