Is there any way back for the short sellers?


After a miserable 2003, some people are starting to believe that a revival in fortunes for the surviving 'bear' funds could be just around the corner

It may be no surprise that a burgeoning equity market in 2003 splashed cold water on returns for short sellers last year. But performance was especially chilly as junk stocks gained momentum and rallied, despite weak fundamentals, leaving many short sellers with average losses of 20%-30% by most estimates.

Last year's double-digit losses by short-biased funds were particularly poignant in contrast to those of the last bull market in 1999, in which many managers