No Boab presentation at Diggers and Dealers, page-59

Just for interest, for those who dont know a long short pair trade is a common strategy adopted by professional investors as a way to reduce exposure to the commodity/index itself

by going long one stock while shorting another that are attached to the same macro driver - here likely silver - they isolate their risk down to stock specifics and remove or lessen the risk to esp negative silver price drops

for eg i had a US fund take $2m of a placement i ran (long) and they netted that off with a $2m short against a Hong kong listed co in the same commodity.

If they'd just gone long my stock they'd have been up $1m in 3 mths

instead they blew up about $1.4m net because the actual sector rerated up as the commodity price increased

many times fund mgrs are more sophisticated but not especially 'smarter'