If you ran into an old associate that asked "how are you doing" why would you not respond? Is it because the response is negative?

This is the manager of a business I've a decent rapport with. I used to work for him even. Now keep in mind I asked him when there were some of his current staff around.
Yes, it's a negative response
No, just don't care to respond
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If you ran into an old associate that asked "how are you doing" why would you not respond? Is it because the response is negative?
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