quarterly, page-17

Simple zmans,

Unlike most of the rest of us, he is not in the stock. But he is VERY interested in trading it.

So his objective is to do whatever he can to beat the price of the stock down - so he can get set at the most favourable price to him.

No other reason for someone NOT in a stock to take so much interest in it - and a negatively skewed interest at that.

As I said previously, they don't usually come this transparent anmd unsubtle.