Ann: Becoming a substantial holder, page-5

I didn't think that shorters actually own the stock they are shorting - don't they borrow it, sell it (short sell), then look to buy it back cheaper (covering) before returning it to the beneficial owner? Regal run a long-short fund, so some stocks they are long on, some short, but I would have thought that the only ones that would show up in a Regal ownership notice would be the ones they actually owned - i.e. are long on. Unless I am mistaken?

Either way, I am not sure I would take too many cues from what they or any other fund manager are doing. They all get some right and some wrong. Just like me!