If you have 200 short you get stopped out on some
Yep, right. We tend not to get stopped out very much. And the reason we can not to get stopped out is that
Our starting position is like 20 bills
We tend to go up very slightly when the market goes down
but the real thing is that when the market goes down our shorts are going to deliver us a big whack of cash and
That big whack of cash is there too by Christian Hansen at three times revenue rather than ten times round
Right based on the beater of the shorts. It's when they go under is when you really make the killing, right?
which
if I can find Long's at will
and shorts
with some difficulty
Then I'm going which is not not as a motive. But if I could I
Would run with that
Right, if I if we come to a world where the Christian Hanson's the really fine companies are trading at three times revenue
And ever and the crappy companies are all blowing up
Then I will take the profits that we made from the shorts in cash and go by large
whacks of Long's and
I probably won't replace the shorts because if I can find blood
lungs at willingness the markets going to go up so you got stopped out a couple of times last year if you have
200 shorts you get stopped out on some
Yep, right. We tend not to get stopped out very much. And the reason we tend not to get stopped out is that
Our starting position is like 20 bibs and we're actually tolerant of a short tripling
Right and the ability to just be tolerant to the short tripling means that you don't get stopped out very much, but you don't add
we don't add okay, you can add at that point right now if a stock triples and
our red flag
Looks like it was a mistake
We will cover it so fast, it's silly
Ameren is my classic example. All right
But there's an Ameren
most years in our fund some of them really annoy me and there was a tiny little one you
If any of your readers have ever heard of it, I will be stunned could oramed pharmaceuticals
and our mid
pharmaceuticals were testing an oral version in China and
the oral version of insulin was going to be
Wrapped in some kind of gelatin and the first tests were phased to ways which were safety tests
And of course they passed because it was a protein wrapped in another protein. It's gonna be safe
the basic problem is that oral insulin ain't gonna work because your gut is going to digest the stuff the reason why it's given
Intravenously is that it's got an atomic mass over
130,000 and if you're at the atomic mass is over a hundred and thirty thousand for a protein
Your your gut has to break it down to get it inside
In right you might be able to breathe it in and that's a very marginal thing
There's a long-standing drug promote called mankind, which was about our inhaled insulin
Right, but this one was completely bozer
So it turns out that the chief scientist was undisclosed the mother-in-law at the CEO. Is that the red flag?
There were 20 red flags, okay mega and
we put it on our usual 30 bit position and then they hyped the
Successful Phase two a test and the stock went up six-fold don't we didn't cover it all but we covered some
We'd finally took it off down about 70 percent from where we originally put it on
34 years like no not a happy ending
Because there's no way that we can recover the stuff that we saw. We we short sold at six dollars and covered at thirty and
When it was up fivefold
We had to cover some right we were stopped out, but we were stopped if you understand, right?
right, right, and we kept some position on but if a stock goes from
$10 to zero via
$65. I'm losing money on it
And if you have 200 shorts and you're right about most of them
It turns out that most the place you lose money is ones that go from ten dollars to zero a fair sixty
it happens all the time, right and if you short
3% positions, you know and a lot of people do one of those is going to give you a very bad year
So this in terms of hiding in plain sight
You publicising and you can't really publicize your situation. No, we don't publicize our shorts at all. But I mean in terms of the story
You're involved in the Twittersphere on telly. Yeah look, yeah
I'm involved in the Twittersphere on Tesla because Tesla's the most fun you can have some using a decoder basically
It's the most fun you can have sitting in a chair
steady
Steady steady. Yes, but you know, it's it's it's a really good fun. Yeah, right
It's just so much volume in terms of people's views. It's so emotive clearly
Yeah, look
I mean the whole idea that Tesla is something between it's going to save the world from greenhouse
Gases and completely change the way we live might blow up the world, but those poses Heilig Myers
Yeah, really with nothing in professors, right? It's pretty much black and white
Both of those views are way too extreme to be real as my view
yeah, right somewhere in between somewhere in between and
We'll find out more on April 24th
We find out more every day, that's true
It's like if you wanted to follow Tesla and do nothing else you could do nothing else with your life
But follow his that's crazy. I
one of my staff refers to Kessler is a
short seller distributed denial-of-service attack
It's so spectacular and such a sort of car wreck
That every short seller is just like focused on Tesla's and there's all this stuff out there that they're ignoring
And this because because Tesla's so goddamn in Chris man is big
It's big, but it's colorful
Right. I mean when valiant finally blue and they made the Netflix documentary. It was so colorful in the end. It was hysterical
I mean the idea that a company
registered a couple of hundred fake pharmacies
so that they could
send
prescriptions to insurers
Without the insure another prescription came from hiding in plain sight and all of those fake
Pharmacies were named after characters and Stephen King novel and all right. All right
That's bizarre
The Tesla's that bizarre every day. Absolutely
Right. It's like well, we'll see. We'll see
But I don't want to play the Tesla denial of service attack. Right right, because
There are other things to do with your life, but watch this laughs living
You