To gain a better understanding of the motivations for trade, it is useful to
analyze a data set that describes how all market participants behave in
equilibrium to characterize both the similarities and the heterogeneity of
investors. The data set analyzed here allows us to do just this. With only
negligible and rare exceptions, this data set categorizes in amazing detail
the holdings and transactions of the universe of participants in the market
for Finnish stocks. We use this data to analyze the motivations for buys,
holds, and sales.