Crowded Shorts. Cash Gone. Big Bid About to Fade.

Leith van Onselen

Thursday 18 December 2025

From the Market Ear:

Shorts

“While short interest in aggregate is somewhat low, that for the average (median) stock remains very high.” (DB)

The shorty gap

“The median short interest (inverted in chart below) is aligned with very low earnings growth, even as median company earnings growth rose into the double digits in Q3.”

Cash is trash

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.