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We have been using the word `` public '' in quotation marks, that is, in its vernacular connotation with reference to the odd-lot index theory.

Obviously someone has to sell in order for someone to buy, and vice versa.

And while all concerned are members of the literal public, somewhat less than all concerned, although still a majority, form the quotation marked `` public ''.

And the public minus the `` public '' leaves the so-called `` sophisticated '' element -- the element on the other end of the `` public's '' transactions.