Hardly an expert or anything, but it seems like such an odd thing to short.
It's value is totally irrational and bears no correlation to anything. To me, as a layman, that seems to match the phrase, "the market can stay irrational longer than you can stay liquid", down to a tea.
Hasnt he had a 3 year losing streak?
Probably secretly pleased as punch as sure he's been shorting the market and losing investors loads of cash