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To hedge overall broad market risk, to earn the short rebate interest, and to earn a profit when the stock declines are all legitimate, different purposes for taking short positions. Such “shorting” is generally not available to traditional investment managers who may have regulatory constraints or internal compliance rules, particularly within financial institutions. The term “short rebate” is interest earned on the proceeds from short selling. To earn significant beta is not a legitimate purpose of taking short positions. In fact, the majority of long/ short equity managers also claim to return a large amount of alpha.