Alright, there's a good chance that the market is in fact getting the picture. I should short something, but the question is what and where and how deep. I shall go on a long walk to contemplate this.
I don't think valuation is the best guide for shorting in my opinion, at the micro level. Things are getting more weird, not less. I want to short something that's simply a bad business, that is not likely to survive at all.
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