Ann: Becoming a substantial holder, page-5

No, that's incorrect. That entry on the associated tracker spreadsheet is to simply track the arrival of borrowed shares on the ledger. It doesn't represent an actual short sale. There are three other information points on that line item which confirm this.

SB's interpretation is hilarious. Ignore it, as it's almost all wrong. UBS hasn't been net accumulating. They've been churning. You can see it in the transaction tracker. This Form 603 disclosed 141.7m total shares held (incl. borrowed stock), compared to the previous Form 603 (on 03/10/18) which disclosed 144.6m shares held (also incl. borrowed stock). I think most readers, with possibly one exception (lol), would agree that today's number is less than the earlier number.

There's more to be gleaned, but I think I'll leave it at that.