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Same thing happens with shorts — you won’t actually borrow the stock yourself and go out and sell it, you’ll have a TRS where you pay divs and price appreciation on one leg, and on the other leg you receive the risk free rate and pay borrow cost + swap fee.
All the same constraints apply (eg you can’t short a stock of there’s no borrow) it’s just that all the mechanics happens on the dealer side which is much more straightforward for you, the hedge fund.
The controversial things about Archegos seem to be (a) they may have been deliberately using TRS to avoid disclosure and (b) they were extremely levered (5-6x) and the short side was like ES or NQ futures which were not a particularly good hedge for their long book.
But the use of TRS in and of itself should not be controversial, it is pretty normal and boring. If they are adequately collateralised they can be perfectly safe (this does not seem to have been the case with Archegos!)
Here are some actual good takes on TRS from people who actually understand them (unlike me)https://twitter.com/saanglee/status/1376522517259513857?s=20 …
Guillermo writes like he assumes everyone is as smart as he is so this one may be a bit wonky, but trust me it's goodhttps://twitter.com/NewRiverInvest/status/1376438692965883904?s=20 …
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