Short sellers of US stocks hit hard by resilient market

New York

IN January 2014, veteran short-seller Bill Fleckenstein said that he was readying a new fund to bet on falling stock prices. He's still waiting to launch that fund.

Despite lacklustre US economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the US stock market has been more than resilient. Even after a selloff last Friday, major indices are less than 2 per cent from all-time highs and volatility measurements have been close to their lowest levels for 2015.