Episode Guest: James Clunie - Head of Strategy, Absolute Return Jupiter Asset Management interview by Roy Zimmerhansl

In this episode James shares his views and insights into the concept and practice of short selling.

James joined Jupiter in 2013. He is currently Head of Strategy, Absolute Return and manages the Jupiter Absolute Return Fund (Unit Trust) as well as the Jupiter Global Absolute Return fund (SICAV).

Before joining Jupiter, James worked at Scottish Widows Investment Partnership as an Investment Director of equities, and managed a long/short equity fund and UK long-only funds.

James was a senior lecturer in finance at the University of Edinburgh between 2003 and 2007, prior to which he worked as Head of Global Equities at Aberdeen Asset Management and Director and Head of Asset Allocation at Murray Johnstone International.

James gained a degree and PhD from Edinburgh University and is a CFA® charterholder.

Timeline of interview:

3:50 - The psychology of short selling and why some people are so strongly anti-short selling

9:35 - Discussion over the impact of short sellers on market peaks and troughs

12:35 – Personal challenges of being a short seller

17:45 – Is it a good time to be a short seller?

21:45 – Different short selling approaches

25:43 - Why were fewer short selling bans applied as compared to 2008? 

33:20 – James’ thoughts on corporate bonds and short selling

34:35 – Regulatory asymmetry between longs and shorts

41:06 – Are long investors that don’t do securities lending at an information disadvantage?

45:55 – James’ closing thoughts

Referenced during the interview: 

Short-selling related books authored by James Clunie:

PREDATORY TRADING AND CROWDED EXITS: New thinking on market volatility https://amzn.to/30Pjgr6

SHORT SELLING: An evidence-based introduction https://amzn.to/3ecpGo4

Video interview: Do short-selling bans work? Boaz Yaari, Founder & CEO of Sharegain talks to Securities Finance TV https://vimeo.com/420084597

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