Majority of companies that have rising shorts don't usually end up rising 30-40% because they don't usually accumulate. They tend to go 20-35% lower because of some fundamental issues or due to poor competitiveness and simply cover to pay back to lender.
eg: SGH, BAL, VOC, MYX, MYR, DMP, HVN, BKL to name a few.
Of course - like all people, shorts don't' get it right all the time.
Chart, page-2139
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