The Globe and Mail reports in its Tuesday edition that the average short position for companies in the S&P/TSX 60 index has steadily edged down over the past two years, from 5.5 per cent to 2 per cent of outstanding shares. In a Globe special, Larry MacDonald writes that at the company level, however, short-selling remains high for several Toronto Stock Exchange listings. One is Badger Daylighting. It is at the top of IHS Markit's most-shorted Canadian stocks table, with 30.2 per cent of its shares loaned out to short-sellers as of mid-October. Badger and the shorts have been feuding for some time now. In mid-2016, the percentage of shares short climbed as high as 35 per cent, but by early 2017, strong company earnings and steady stock appreciation had pulled that position down to 20 per cent. Then, first-quarter earnings released in May missed analysts' projections, causing the stock to dive and short sales to spike. Over the summer, short-sellers added to their bets despite positive news for shareholders. The stock has also recouped most of its May plunge, helped along by Badger's U.S. expansion and increased spending on infrastructure. The bears point to increasing competition.