You would think these bearish markets would have been ideal for short sellers, but this bear market has been rather unique. It has been accompanied by lots of anti-short vitriol and scapegoating, not to mention the actual government-led moves to seriously curtail shorting. So it's frankly a bad time to be a pure short, but the truth is that the bad times started even before the credit pyrotechnics started up. To many, the short-only approach has long been out of favor. As if to confirm all this: Bill Fleckenstein, a well-known short seller and a media fixture, has decided to shutter his Fleckenstein Capital fund. The New York Times reports he will start up as a more balanced investors in a vehicle that he says is not a hedge fund.

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