But the speed and scale of shorting activity around Pilbara Minerals in just a matter of weeks is astounding. Hedge funds have now amassed a $2.3 billion position against it. In just six weeks, a further $980 million has been wagered on a price drop without any obvious catalyst to increase the shorts’ conviction. It’s not the first time an ASX-listed stock has had one-fifth of the register sold short. But typically, the No.1 shorted stock has around 10 to 15 per cent of its outstanding shares loaned out to speculators. This column spoke to traders and fund managers in...