If I’ve understood you correctly, it isn’t the nature of the investor that is creating the conflict, but something inherent to owning stocks: if I own shares of

If I’ve understood you correctly, it isn’t the nature of the investor that is creating the conflict, but something inherent to owning stocks: if I own shares of a company I am implicitly the enemy of short sellers. Is that more or less correct? If I’ve got that right, then you’re basically saying it is irrational for stock lending to exist at all, since all stock lenders are by definition owners of the stock. Do I have that right? I.E. do you believe that stock lending is an inherently irrational economic activity?