Analysis of the PAIV short position:
One day while Ms. Paivis was at work, Big Brother took some cookies from the jar in the kitchen. Big Brother knew that Mom would be very upset if she found out.
Big Brother took a LOT of cookies. As he sat in his room eating them, he heard Ms. Paivis coming home early from work. Big Brother quickly realized there was no way to smuggle the cookies back into the kitchen without her noticing...
Instead, he gave the remaining cookies to Little Brother and Little Sister. They looked at Big Brother questioningly. "Didn't Mom say not to eat these?" asked Little Sister.
Big Brother replied, "No - you can eat them. I don't think these came from Mom's cookie jar." Smugly, Big Brother went out to play with his friends.
Little Brother and Sister were understandably nervous. They both realized that these tasty cookies looked an awful lot like Mom's cookies. But, Big Brother had spoken, and his was the voice of authority when Ms. Paivis was not in the room.
So Little Sister ate a cookie. Then she ate another. When she had finished her own pile, she started to eat Little Brother's cookies, too. Little Brother did the only thing he could think of - he quickly ate all his cookies. He thought maybe there would be trouble later, but he sure didn't want to miss out on a tasty snack.
About this time, Ms. Paivis came in to check on her two youngest children. She found them sitting on the floor, surrounded by cookie crumbs.
"Where did you get those cookies?" she demanded. "From Big Brother," replied the children. "He said it was OK to eat them!!"
"But you KNEW you weren't allowed to do that!" said Mom.
Ms. Paivis went outside, dragging a protesting Big Brother into the house by his ear for a private discussion. "Did you tell the children it was OK to eat my cookies?" She demanded.
"Um...y-yes..." stammered Big Brother. He knew he had to think fast. "But I thought you said it was OK to give them to the children after school?"
"I said NO such thing," said Ms. Paivis. Then she dictated he find some way to replace the cookies he'd stolen from her. Big brother craftily decided the best course of action would be to wait for Mom to make a new batch, then take them away from Little Brother and Sister whenever she gave them some. Of course they were upset about this, but what could they do?
After a period of several weeks, Big Brother proudly presented Ms. Paivis with all of the cookies he had stolen from the jar. "Well, thank you!" exclaimed Mom. "I don't know how you did it -- but I'm so proud of you! Have you learned your lesson?"
"Absolutely Mom," said Big Brother, leaving the kitchen. Slipping his hand into her purse, he called out, "I promise, it will never happen again!"
Little Brother and Sister, eyes red from crying because they no longer got to eat any cookies, failed to notice when Big Brother came home the next day with a shiny new bicycle.
