You make an interesting point on time v. value, bu

You make an interesting point on time v. value, but if since you're taking a "position," it can be long or short. I think about it this way, any legitimate company (not all pennies) should gain value and grow in the long term, so a long position in theory should essentially only see gains. This gets a little complicated since companies can fail in the long run, but economically speaking, organizations fixed costs equal market and they should gain scale or competitive advantage that generates value over time (variable). Normally economics suggests that things always work out in the long run.

In regards to this economic theory, think about a short run where fixed costs are not static, therefore there is room for companies to be removed from market via laws, regulations, taxes, expenses etc… There is value in positioning yourself to bet against the equity price because things are imbalanced in the short run, looking to work themselves out. Notice I say in theory because these things obviously don't always follow suit, but that's my best economic justification to support the verbiage.