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Simon Cawkwell

Simon Cawkwell (otherwise known as Evil Knievil) is Britain’s most feared bear-raider. A trained accountant, he made his name exposing the fiction that were Robert Maxwell’s accounts.

Over the past ten years, during the greatest bull market in history, he has made money year in, year out from shorting stock - that is selling shares he does not own in order to buy them back more cheaply later.

Books

Profit of the Plunge, Rushmere Wynne, 1995

Evil's Good: Book of Boasts and Other Investments, t1ps.com Ltd, 2002

Bear Essentials: The Secrets of Forensic Accounting and Profitable Trading, t1ps.com Ltd, 2003

Advice from a short seller

1. Never buy shares with high valuations in relation to tangible net asset value.

They can swan along and upwards for years but they have no cushion for the bad times.

2. Never short-sell stocks when they are going up.

Wait until they are going down and never hesitate to kick them down should they be so impertinent as to make an emotional appeal for help.

3. Always treat any stockbroker who is remunerated with commission as a compulsive liar.

4. Work on the assumption that all regulators are completely useless.

Except, that is, at concealing their own incompetence such that the money you pay them for their ‘services’ cannot be reclaimed.

5. Be very suspicious of all mining companies run by stockbrokers.

But do not hesitate to buy such companies when they are new to the market. There is an infinite supply of fools to buy after you.

6. Accept that all men always lie.

But try to lie as little as possible.

7. When a man says that his word is his bond . . .

. . . take his bond.

8. If you do not understand an investment, prepare to short it.

There will always be a large number of gormless idiots who will have to sell after you so guaranteeing you a profit.

9. Borrow when others are not borrowing. Repay when others are not.