I've been around markets long enough to believe that short sellers are generally more objectively right than most investors. They called Enron a fraud when investment banks were telling people to buy it, they blew the whistle on Madoff before he collapsed and they warned repeatedly about 2008 on national television before the entire global economy nearly collapsed.

But market dynamics know nothing of objectivity anymore. They have become a rigged, bloated, algorithm-warped humiliation ritual masquerading as a market — a parody of what price discovery used to be.

As I told Julia La Roche weeks ago, back when the market still resembled something coherent, regulated and free, and about $7 trillion in Fed balance sheet bilge ago, you could find a terrible company and short it, and the market would eventually notice.

"You dug into a company, found it was mismarked or cash-burning or structurally doomed, and you bet against it," I told her. "When Einhorn did Allied Capital… everything's mismarked. Everything's dogshit. At some point, it's going to come crashing down."

That was the job. You shorted garbage. You shorted things that didn't generate cash. You shorted fraud. And you got paid for being right, because the scales of the market used to hover at least somewhat near calibrated and neutral.

That world is long gone. What exists now is something fundamentally different, an environment where being right doesn't matter because the market has stopped being a mechanism for price discovery and turned into a liquidity-driven hallucination, complete with an array of nonsensical 'business objective' narratives that substitute for actual financial performance.

Years ago, you could identify a dying star of a company and ride it down. The market would decide that a poor business couldn't generate a profit, and as a result no one would be interested in owning stock, which was a way to own the future stream of said company's cash flows.

Now, thanks to the "infinite cash" that the Fed firehoses the market with every time Jeremy Siegel takes to CNBC and shits his pants over a 3% move lower in the S&P 500, stock is no longer seen as buying a share of a company's profits. Rather, buying stock in a company is nothing more than buying a scratch-off ticket at a roadside newsstand, with most uninformed market participants dripping with hubris—proudly ignorant of the arguments against their positions and happy to be king shit at the helm of a Fed-liquidity-driven, all-expenses-paid market God complex.