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I suspect in a special hell just for hedge fund managers, they are forced to run net short all the time. Making money shorting is tough - and even when it goes well, it can so easily reverse. While stocks can surge higher every day without a correction, I have never known a short not to bounce with perhaps one exception back in the GFC era which just fell 90% in a month.

This year, despite the US being flat year to date, the short book has made money. Should I just cover?