[maxprogram]

Unrealized losses over a short time period have nothing to do with being "right" or "wrong" about a stock investment.

Fluctuations of investor expectations (i.e. stock price movements) have especially nothing to do with this article's analysis. It presents data and comes to a pretty reasonable conclusion from it. Whether you wan't to call it a "pyramid scheme" or not is semantics, the conclusion speaks for itself.

Short-term investors can make money betting in the opposite direction of long-term investors who will also eventually make money. Herbalife can be a pyramid scheme and short-term investors can make money as the stock price rises -- the 2 aren't mutually exclusive.