There are easier ways to make a living than picking S&P/ASX 200 Index changes. As Churchill Capital’s hedge fund desk said, it is like “second-guessing the actions of second-guessers". While it is easy enough to look at a company’s market capitalisation, the ultimate decision rests with the index provider and all the hard work can be undone.

That said, with reporting season over and listed merger and acquisition activity in the doldrums, special situation funds need somewhere to place bets. So attention has turned to index changes to be announced on Friday – and it has also created competition between broking houses.