But among pros, it's a powerful trend. Short-sellers guard their identities for good reason. Often they are a company's only detractors. When Internet stocks were soaring last year, short-sellers grumbled, pointing out fundamental problems no one wanted to hear. All these concerns were spot on, yet it took the stock market months, even years, to catch on.
Information is their lifeblood.
But many companies do what they can to keep short-sellers out of the loop. Hence the ruses shorts use to get full access to CEOs, conference calls and other information to bolster their suspicions. In the third quarter, Rocker's eponymous fund was one of Wall Street's top performers. So as the year ends, and commentators wring their hands in palpable market pain, it's good to remember that there were some big winners in 2000. They might not be boasting on CNBC or feted in the mainstream business press.