In Defense of Short Selling

With the S&P 500 advancing by nearly 27% since the October bottom, it seems almost silly to defend the role of short selling, but I will do just that this morning. Over the years, I have rejected consensus and orthodoxy in favor of the logic of argument and power of dissection. At times, this approach puts me at odds with consensus, as I am often bullish when others are bearish and bearish when others are bullish, since the keystone to my market views is that there is little permanent truth in the markets. Sometimes I get it right -- sometimes wrong.