Stephen Cohen, Troika Dialog

Shorting carries very different risks from taking long positions. The key skill must be the management of the risks associated. This means having a clear idea of the associated market and macro factor risks associated with the securities being shorted (and how these can be mitigated elsewhere in the portfolio), the possibility of any short squeeze, the possibility of being called and the need to do very detailed absolute and relative valuation analysis.

Even when all that is done, specific risk

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