Ann: Becoming a substantial holder, page-14

Unfortunately I am not sufficiently motivated to add up all the BORROW/BORROW-RETURNs to work out if they have simply been using shorted shares to help depress prices to aid the purchase of more cheaper shares, or they make their money through selling and buying borrowed shares with a tiny spread - both. I know almost nothing about the activities of the professionals who short, but I surmise that it they are a lot smarter than just borrowing, selling, waiting and then buying again. Examination of the reports shows that they rapidly sell and buy with little enthusiasm for holding short sold shares for any period of time. The increase in shorted shares is possibly due to more market participants engaging in borrowing.

I don't feel confident that the market, particularly in view of Trump/China tariffs, is ready to re-rate SYR so my current focus is very short term. However, chances are that I am wrong. SYR has been heavily shorted for a couple of years, but the recent rise is displaying remarkable resilience and I feel lucky to be enjoying the recent gains.