@jay_21_ (1) Shorts must always be very small. Max 1.5-2.0% for large cap structural decliners. 20-40bps for frauds and promotes.
@jay_21_ (2) No hero shorts.
@jay_21_ (3) Wait for things to crack before putting a position on in any type of size (which for a short, is still very small). $700 to $0 and $200 to $0 are both 100% returns.
@jay_21_ (4) Must be willing to cover aggressively if going against you. After cracking, need to be willing to add on the way down (particularly for promotes or frauds).
@jay_21_ (5) Don’t short great companies and don’t short hyper growth companies. Maybe there can be some exceptions if your long book is heavily exposed to these factors (quality / growth).
@jay_21_ (6) Having to keep a fixed % of the portfolio short (potentially in order to justify fees in L/S fund) is dangerous. Leads to getting into crowded shorts or having to short indexes. Shorting seems to be best when done opportunistically.
@jay_21_ (7) Avoid high short interest names / keep them very very small / buy way OTM calls as a hedge.
@jay_21_ (8) Be very careful with equity stubs. Treat them as you would high short interest / hyper growth companies.
@jay_21_ (9) If you find yourself thinking about a short first thing in the morning / watching the ticks during the day - you are likely too big.
@jay_21_ (10) MOST IMPORTANT. At the end of the day, the only point of selling short is to enable you to safely get a little more long. Key word is safely. Short book is float. You should think of it as insurance underwriting. Portfolio management and avoiding large losses is priority #1.

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Ester Ranzen/ Childline/BBC/Saville/Mandelson 👀👇


1. 'MYSTERIOUS ESTHER RANTZEN' ..2017
https://t.co/aBsJL2Avqd


2. (Let's This Party Started) Keith Vaz and Ester Ranzen.


3. 'BBC'S ESTHER RANTZEN LINKED TO ELM GUEST HOUSE' https://t.co/a064KgW8LJ


4. Esther Rantzen is quizzed about Jimmy Savile - 2012
Wow, Morgan McSweeney again, Rachel Riley, SFFN, Center for Countering Digital Hate, Imran Ahmed, JLM, BoD, Angela Eagle, Tracy-Ann Oberman, Lisa Nandy, Steve Reed, Jon Cruddas, Trevor Chinn, Martin Taylor, Lord Ian Austin and Mark Lewis. #LabourLeaks #StarmerOut 24 tweet🧵

Morgan McSweeney, Keir Starmer’s chief of staff, launched the organisation that now runs SFFN.
The CEO Imran Ahmed worked closely with a number of Labour figures involved in the campaign to remove Jeremy as leader.

Rachel Riley is listed as patron.
https://t.co/nGY5QrwBD0


SFFN claims that it has been “a project of the Center For Countering Digital Hate” since 4 May 2020. The relationship between the two organisations, however, appears to date back far longer. And crucially, CCDH is linked to a number of figures on the Labour right. #LabourLeaks

Center for Countering Digital Hate registered at Companies House on 19 Oct 2018, the organisation’s only director was Morgan McSweeney – Labour leader Keir Starmer’s chief of staff. McSweeney was also the campaign manager for Liz Kendall’s leadership bid. #LabourLeaks #StarmerOut

Sir Keir - along with his chief of staff, Morgan McSweeney - held his first meeting with the Jewish Labour Movement (JLM). Deliberately used the “anti-Semitism” crisis as a pretext to vilify and then expel a leading pro-Corbyn activist in Brighton and Hove

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