The King of Short Selling

He learned that conference call tone mattered less than the question management refused to answer twice. He learned that the best shorts were not bad companies but crowded lies dependent on perfect funding. Marcus taught with cruelty and precision. "Never short valuation alone," he said. "Expensive can become religious." "A fraud without a catalyst is just a donation to your borrow desk." "If management says the word temporary three times, find the permanent damage." "The market can remain irrational longer than you can remain solvent. Keynes said it, every idiot quotes it, and most still size like they never heard it." Ethan absorbed everything and quietly built his own system.