"The short-selling environment is much more challenging than it has been historically," said Loeb in the letter. Analysing a company's economic prospects has taken a backseat to watching Reddit message boards and options expiries, the letter said.
A short squeeze occurs when a stock price rises so much that bearish bets become too expensive to hold and investors are forced to buy them back, sometimes at a loss. Loeb, who runs Third Point - which had around $12.6 billion in assets under management at end-February - said his top five winners this quarter included utility Pacific Gas and Electric
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