Do not short! Do not short! Do not short!!!

Now, I deeply understand why Buffett, Munger, and Duan Yongping have always emphasized that one should not short.

Because shorting is speculation. If a certain asset is indeed overpriced and in a bubble, and you want to short it, you are betting on whether most people are rational.

Throughout human history, human irrationality and madness far exceed imagination, and there are too many examples of this.

Even if the price is a bubble, this bubble has unlimited room for expansion, and you cannot bear it. The theoretical profit from shorting is limited, while the risk is unlimited.