Let us consider the three a little more. The investor homogeneity we care about most may be defined as the existence of a homogenous desire to buy or sell in a crisis. A homogenous inveator base is a blow-up precondition; whereas a diverse investor base is less likely to change its mind simultaneously. For large investor types like pension funds and in particular central banks, it may be possible to reduce investor homogeneity by insisting on loe percentage participation by one's peers in an asset class before investing-a central bank could for example refuse to buy more US Treasuries if global central banks collectively own above a certain percentage of foreign-owned Treasuries in issuance. Pension funds or their regulstors could take a similar line. For all investors, the structure of an investor base in an investment is a component of the investment's risk, not just for those who happen to form part of the homogenous group.