O ver the 12 years that Investment Advisor has been surveying the secondary market for limited partnerships, there has been a drastic reduction in the total number of LP secondary market trades, and in the exchanges through which the trades can be made. Trades peaked at 2,246 in December of 1996 and have fallen ever since (see below); market-makers peaked at 16 that same year, and had diminished to only 5 in May 2004.
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