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The attacks on Netflix's stock are finally starting to take their toll.

After the stock peaked at the end of November reaching $209, and CEO Reed Hastings was feted as the businessperson of the year, the stock has been slowly falling back to Earth.

A big part of the reason Netflix is going to down? It's being hammered by Whitney Tilson and other short sellers who think it's due for a correction.

Whitney's chief concern: the cost of streaming content is going up and Netflix's margins will be squeezed.

For a more detailed, thorough look at the bear's position on Netflix, read on. We've summarized Tilson's big presentation on why his fund is short the company.