Frank Casey

I had the opportunity to read Joseph Parnes’ new book, Short Selling for the Long Term: How a Combination of Short and Long Positions Leads to Investing Success, Wiley 2020. Mr. Parnes has been a successful investor and investment advisor for decades. His investment premises are logical and well presented. His strategies share investment techniques common with hedge funds; they use short selling and are leveraged vehicles. The big difference is that Mr. Parnes does not seek absolute returns, or returns regardless of the performance of the market, but instead are relative performers, seeking to outperform the markets over time. He correctly argues that one must produce returns in down markets from the hedged or short side in order to preserve capital. The strategies and “trade set-up examples” outlined are valuable for both new and well experienced investors. Frank Casey, 45-year financial experience in derivatives and alternative investments; whistle-blower to The SEC of Bernard Madoff’s $50-Billion Ponzi Scheme.