Good News & Bad News, page-1205

When we think of shorters, the thoughts get justifiably ugly, very ugly.
After 50 years of investing, I have come to view them as an opposing
chess player. When he shows up, in a meaningful fashion, on a stock I own,
the things I realize is that he has help, lots of help, and all of them have a
very low, if any, moral standard. Moral standard aside, these folks are smart
and have comprehensive resources to do research. While they are not infallible,
they tend to be right a lot, whether through good research or immoral manipulation.

In late April 2020, in the middle of a pandemic they began to reduce a 213 million share
short position. By the end of July, when the pandemic was still raging, they had reduced
their short position to 122 million shares. At that time the stock was selling for about 35 cents.
Bottom line is that in retrospect the short position was throwing out a strong buy signal.

Now as we approach a new high it is good to bear in mind that what is currently happening
to the short position on this stock is that it is still signaling a buy. Makes me feel a little extra comfortable.