short positions

“In general, across the industry, for long periods of time, last 10 years, there is no alpha in the short positions.”

“In a massive drawdown, your shorts have been eviscerated. You have to cover them. They're extremely dangerous. In fact, they're the most dangerous thing in your portfolio.”

“We were exiting some of our shorts, particular structural shorts too early. So we were taking a gain and then the short kept adding alpha even after we had exited. And so the data said, gosh, if we had just, I think we hold our shorts longer than the average h…”

“The other thing is, is shorts are working. It's tough, but you need to keep the position on. Let's say you start with a three percent short. It halves. It's only one and a half percent now. So Julian would always say, well, the best shorts go down 90%. They do…”

“When shorts get below a billion dollars, and we've probably had 15 stocks in our history that have gone from large to below a billion dollars, and when they get to that type of market cap, their behavior changes dramatically. It's a survival call option.”