> It’s a demonstration of the societal value of bad businesses going under.

I always think about this when I see people rail against short sellers, as if the whole idea of betting against a company is morally wrong.

Short sellers are one of the only checks against overly inflated equity prices. If the only people allowed to participate in a market are the believers, you are going to get a very distorted view of the actual value of assets.

For the market to do its thing, you need failure.