In the past two years, Steve sold shares several times without...

In the past two years, Steve sold shares several times without caring about upcoming good news. Indeed, good news always followed his selling and the share price rose significantly. Just because he doesn't have shares in Lake, doesn't mean he can't invest elsewhere and still make large gains. Also, he would've been aware that resigning suddenly would cause a drop in the share price, especially in a bear market. Logically, by selling before the drop, he left with a clean cut and maximised his windfall, leaving more to invest in a location where a short-term drop was not imminent.