Itās a short thesis that doesnāt give me the counter factual Iām afraid. Bottom line is that the research doesnāt actually explain adequately, for me, cause and effect. It is a great guess that the short ban may have caused the behaviour described but fails to take to account other factors that could have contributed to it. Certainly KPMGās summary of evidence suggests bias, but thatās just my reading.
The bit that I find dangerous though is the idea that somehow funds are the āpolicemenā of markets. Let me be clear here. Iām not saying you are dangerous to voice this. I am saying that over reliance on for profit organisations to āexposeā wrongdoing is dangerous. Not in the least because as we have seen with the whole GME example they will do anything but