"Any intelligent commentator will over time feel more comfortable from the bear position, just as most traders trade from a bullish bias. There are more negative things that can be said in an intelligent way. The hidden order of markets that generally make things work is not easily described by a journalist. The only consistently intelligent bullish commentary I've read has been from Niederhoffer and McKinsey. There is more money to be made buying assets than selling them short. However, that doesn't prevent dedicated short sellers from making money."
This is an excerpt from an email I sent to a friend over four years ago. It's still rings true today, even if asset managers with a bullish bias have not has positive returns in recent years. There is only so much money that can be allocated towards selling assets short. If it is ever the case that short funds seem almost as popular as long funds, it probably means that it is time to load up the truck and buy equities.