Methodology: each issue's direction is a live signal — long/short opens or holds a position, neutral means flat, and every direction change opens, flips, or closes it. Returns are direction-aware (a short gains when the price falls) and compound across positions from first observation to the latest issue. "Price move" is the stock's own raw change, shown separately. Neither represents actual portfolio performance.
Brief History (12 issues)
The short has paid handsomely, Thursday's -22% being the final acceleration. From $5.76 the remaining downside in dollar terms is small, while borrow costs, squeeze risk and take-private rumors scale in percentage terms — the odds structure has inverted. Taking profit here is discipline, not opinion
The short stays on: a -43.6% month with no bounce and the AI-eats-stock-media thesis still cashing in; RSI 25 says don't add — trail the cover stop down to $8.2
Down 2.63% to $7.41, -45.1% on the month as AI keeps eating the stock-photo business. Trailing stop tightened from $9 to $8.5; RSI 23 oversold is not a reason to cover. Stay short.
Down 3.4% to $7.61 — yesterday's snap lasted exactly one day; the $9 trailing stop stands, short on
A 3.6% low-base snap to $7.88; trailing stop tightened to $9 — struggling above record lows doesn't change the direction, staying short
Down 2.8% to another all-time low at $8.25 — the AI-substitution downhill still has no brake pads; staying short
Down 2.7% to $8.49, another all-time low with the short up 16%; the AI-substitution downhill has no brake pads — staying short
Down 1.9% probing fresh 52-week lows, the short up ~14%; AI's consumption of stock photos hasn't finished its descent — staying short
A 2.1% dead-cat day trip; the AI-eats-stock-photos story has no undo button — short up ~12%, staying short
-5.1% to fresh 52-week lows; short +11.9%, the AI-eats-stock-imagery thesis keeps paying
-6.3%, short +7.2%; near 52-week lows, AI disrupts stock-imagery — hold short
-29% crash as AI-content disruption of stock imagery accelerates; do not bottom-fish