Please Explain, page-87

Of course, it's quite possible, even likely, that Justin's assessment that the bull market is nearing its end, and that corrections are due, is accurate but that still doesn't mean his strategy is a wise one. The real test will come when a bear market finally does kick in and whether the returns from shorts will compensate for the lack of them in the current period. Personally, I would rather he mostly went long and made hay while the sun shone rather than be fully hedged and just waiting around for the apocalypse to hit.