Gamestop Corporation (GME)

[I-Glow]

That is exactly what smart investors do:

"Now we have just learned that Citadel Advisors LLC (one of the sprawling tentacles of Citadel) had a large net short position in GameStop but also stood to make money as the stock whipsawed up and down."

Here is how Hedge funds started:

"The first hedge fund used a long/short equity strategy. Launched by Alfred W. Jones in 1949, this strategy is still in use on the lion’s share of equity hedge fund assets today.1? The concept is simple: Investment research turns up expected winners and losers, so why not bet on both? Take long positions in the winners as collateral to finance short positions in the losers. The combined portfolio creates more opportunities for idiosyncratic (i.e. stock-specific) gains, reducing market risk with the shorts offsetting long market exposure."

IG