In a rare move, well-known short-seller Andrew Left, chief of Citron Research, is actually now recommending the purchase of Snap Inc (NYSE:SNAP), suggesting the pessimism that’s beaten Snap stock to a pulp is overdone and ripe for a reversal.

He may have a point. Granted, some of the ‘facts’ supporting his thesis were less than accurate if not outright wrong. On the most important front though, Citron’s Left is…. (sorry about this) right.

That’s not an easy idea for many investors to digest. Snap stock has been one of the market’s favorite punching bags since the company, parent to social media platform Snapchat, IPOed back in March of last year. Shares are, even with last week’s Citron-inspired 10% gain, still down 30% from their IPO price. The comparisons to bigger and more profitable rivals Facebook, Inc. (NASDAQ:FB) and Twitter Inc (NYSE:TWTR) haven’t been kind, and deservedly so.

The thing is, story stocks like Snap aren’t what you think they are. They’re not investments. They’re not even really speculations. They’re a poker game amongst traders. And the bears’ bluff on Snap is about to be called.

Andrew Left may have been too polite to traders playing this game of poker to put it in those words. I’m not that polite.

What He Said

Andrew Left’s report was, in typical Andrew Left style, scintillating by research report standards, packed with as many life lessons as facts and fact-supported opinions. The overarching message was, however, that: “Staying short a stock where negative catalysts and news flow are baked in is a recipe for disaster that is often coupled with an inability to look past the headlines.”

He’s not wrong, even if Snap’s most animated and active bears aren’t able to admit it.

It’s an idea that cuts deep, rekindling the age-old battle that’s plagued investors since equity-trading markets were first organized: Where are the lines between sound speculation and hype-induced hope drawn? And can we truly recognize them when we cross them?

Thus far the bulk of the speculation has been bearish. Snap stock sports a short interest ratio of somewhere between Citron’s estimate of 21% and the reported figure of 30% (both are sky-high). And the fact that the stock reached new record lows last month speaks for itself.

Is the company really that much of a trainwreck though? Or, has the bearish trading crowd turned into an angry mob that will mow over — at least in the short run — any bull that may stand in their way?

If it’s the angry mob thing, that’s fine. Do know that mobs eventually get tired and hungry though, and then dissipate, leaving behind nothing but the patient bulls and reality. And, as Left explained it in this particular case, “Citron believes that the SNAP shorts have overstayed their welcome.”

As for the reality that will be left behind no matter how long the angry mob lingers, Left accurately notes that the company’s enterprise value per daily user is about one-fifth that of Twitter’s, and so far, Snapchat has sidestepped the scandal and publicity black eyes that have plagued Facebook. That’s got to count for something. Throw in the fact that Snapchat is increasingly more popular with a younger demographic that will soon become an older, higher-earning demographic, the scope of Snapchat’s opportunity at least has to be acknowledged.

Bottom Line for Snap Stock

None of these things really matter That’s the point. It could be years before the youthful crowd that’s shunning Facebook and flocking to Snapchat will actually be affluent enough to make the platform an advertising powerhouse, and that assumes they’ll remain interested. They may not.

In the meantime, a short-squeeze rally might reward owners in the near term, but traders still have a tough time looking past net losses that exceed revenue. There are no actual profits in sight for Snap.

That’s not exactly the foundation of Citron’s call though. Indeed, it’s not even close to being the foundation. Andrew Left is simply capitalizing on what Snap stock has become — an emotionally-charged battleground, hosting a war between the most hostile of bears and the most optimistic of naive bulls. It’s a scenario that sets the stage for some amazing short-term fireworks, but nothing more, as a couple of key talking points start to circulate (Snapchat’s popularity with youth, and overzealous bears).

In other words, don’t read too much into Citron Research’s bullishness. It’s anything but actual vindication of the company’s results or prospects. It is the basis of a great swing trade though.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley.