Ann: 2024 Second Quarter Report, page-90

I don't go in for conspiracy theories but I think it's a stretch of credulity to discount that unrecorded phone conversations result in positions getting traded. Again, look at Karoon: the news was floating around the market BEFORE the AFR managed to publish the deal, and the short positions had already moved. The data is there if you want to listen to what it is telling you.

I would broadly agree that most of the time it is nothing untoward; people build short positions because they can read a P&L and easily project a company is going to need a cash call sooner or later, and then when it comes X weeks or months later, HotCopper stupidly says "shorters knew!" (no: they can just read). But there are definitely particular circumstances when the ethics employed are more a shade of grey. PS: if you want to question your own take on serious institutional money and ethics, go read up about the ANZ bond trading scandal.