Dryblower; 'in praise of short sellers'

SHORTERS 1. Goncalves 0. That might look like a football result but it’s actually Dryblower’s reading of the scorecard in the game between the chairman of US iron ore miner Cleveland-Cliffs, Lourenco Goncalves, and short-sellers of his company’s shares.

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Awarding a win to the short-sellers is easy if you look at what's happened to the share price of Cleveland-Cliffs since Goncalves took a big swing at them; down 12% in a week, and down 23% in a month.

Given that a share-price fall of 10% is regarded as a correction and 20% is the measure of a bear market it can be argued that Cleveland-Cliffs has entered a bear market and suffered a one-week correction, two achievements which will deeply annoy the outspoken Goncalves.

But if you consider more carefully what's happened it could be that Goncalves is getting exactly what he asked for after an outburst that was very much in the category of ignore the message and shoot the messenger.

Some of Goncalves language in a