hedge fund,short

an article i found concerning short.

Short Only,
The ultimate directional traders are short-only hedge funds, the professional pessimists who devote their energy to finding overvalued stocks. They scour financial statement footnotes and talk to suppliers or competitors to unearth signs of trouble investors are ignoring. Occasionally managers score a home run when they uncover accounting fraud or other malfeasance.
Short-only funds can provide a portfolio hedge against bear markets, but they are not for the faint of heart. Managers face a permanent handicap: they must overcome the long-term upward bias in the equity market.