The Globe and Mail reports in its Friday edition that S3 Partners research head Ihor Dusaniwsky recently compiled a table of Canadian stocks showing large increases and decreases in short positions. The Globe's guest columnist Larry MacDonald writes that Mr. Dusaniwsky follows changes in the dollar value of shares shorted. Enbridge had the largest increase for both the weekly and monthly periods up to Oct. 17 (the value of its short position is now four times higher than what it was 18 months ago). Enbridge's dividend is regularly increased and analysts are positive. So the short-selling is sounding a discordant note, despite the impending merger with Spectra Energy. One problem, as Sui Generis Canada manager Daniel Lloyd has noted: Valuation, like other yield plays, has become rich from investors chasing yield in a low interest-rate environment. This puts the stock at risk, especially if interest rates begin to trend up and compete with dividend stocks for investors' capital. There is also a huge debt load with a carrying cost that could escalate substantially. As well, pipelines face lower shipment volumes as conventional energy producers retrench in a world of lower prices.