Orderly Withdrawal by Angry Investors

Today's Markets - WSJ.com:

"Despite the declines, traders described the selloff as remarkably orderly and largely free of panicky jettisoning of big positions. Many say that in recent days, the market has been under pressure from small investors who are throwing in the towel after getting quarterly brokerage and mutual-fund statements showing big declines."
The stock market is acting as if investors wanted the rescue "plans instituted a month ago," said Michael O'Rourke, chief market strategist at brokerage firm BTIG LLC. "The things driving sellers are worries -- not an analysis of where these programs will take us in the next three to six months."
One problem dogging the stock market is that so-called value investors to a certain degree have been taken out of the game. Many of the biggest and best-known value investors wrongly bet as far back as late last year that stocks had fallen too far -- especially financials -- and bought shares. These fund managers are now facing withdrawals by angry investors who are suffering big losses."