Most likely he bought at the top during those period of times. One thing I learnt from investing in stocks like CTIX is to never chase the price! He probably chased the price too much during the bullish time- traders unload the shares at the top to amatuers like him. As for AVXL, this company is no way better than CTIX in term of investment potential. I have followed this company for quite some time and don't trust all the characters that have been helming this company since 2007.