Webinar Pump into CR, page-104

Ice, your comment intrigued me. Generally speaking, market commentary appears chock full of contradictory statements, it can be seen every day from commodities to economics to individual stocks.

In this instance, if a top 20 holders don't see value at a SP near its low what are they doing as top 20 holders regardless? A holder doesn't have to keep buying to demonstrate belief.

There are too many reasons why an individual or entity not accumulating can be taken as a sign. For example, strict parameters around portfolio weighting and perhaps accepting a little dilution at this time is not an issue for a diversified holder with irons in many fires. If that is the case with some or all then no conclusion can be drawn, I don't read that as no faith in the company just disciplined investing. If no faith then the only logical course of action is to unwind their position and exit the stock. Whereas not buying more proves nothing other than satisfied with their weighted position in their portfolio.