What he explained happens to his stock when HFTs attempt to deceive traders, is what we have said ever since 2009.

Here is the key excerpt from his conference call transcript.

Well, we never know what the Street is going to do with the funky trading. And we all feel that, both as individuals and as a company, that we should be prepared to take advantage of real opportunity when it occurs. And my board feels that way, and so do I. So we just wanted to make sure that we are property armed in case there was something strange that happened on Wall Street and the stock market dropped or our stock went to a level that we thought was grossly over-sold, we would jump on it.

As long as the short players fool around for $1 or $2, that's fine. But when shorts - the exchanges really don't enforce the rules of naked shorts. So, I mean, it's unconscionable manipulation of the stock that occurs. They open up every morning, and the high-frequency traders in the shorts have a ball selling shares, and then value buyers step in in the afternoon and they cover the shorts. I mean, it's regular casino activity.

The activity on the stock markets is, in my view, poorly regulated and irresponsibly policed, especially with regard to short sales. And when it gets out of hand - we see a lot of shorts because of China, because we're such a clear China play. 

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