Ackman, Einhorn, and John Paulson have each made exactly one great trade. The rest has been noise.https://twitter.com/planmaestro/status/841751717553283073 …
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big q. Much depends on personality of $ manager. There is enormous social value in non-manipulative shorting (i.e. fraud discovery)
so there are hero types who like to short. Other shorts are natural contrarians.
shorting is also important as an overall portfolio hedge or a pure pairs trade (e.g. Long coke short Pepsi)
but I also think media plays up amount of activist shorts relative to their prevalence in the market
that said if you know something is worth $0 and people are paying good money for it, it's hard to let that be as a pro $ manager
but the road to zero winds like a serpent and is often paved with tears
I think Ackman made something like 100X on General Growth Properties...
I grant him that. Slipped my mind.
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