You are correct in terms of long term holders and shorts. But this stock continues to attract buyers who are either willing to take the risk or those who dont understand the risk. Then there are some who realize that there is a momentum to the stock and buy it and hold it to capture the dividend and will not sell till it hits a specified lower price (stop loss). It is like the initial participants in a pyramid scheme who make money.
I'm not denying that. The irrational behavior could continue for quite some time, I have no way of knowing when the buyers will come to their senses. But any pyramid-like scheme of making money eventually crashes. It has to as eventually you run out of people to fund the profits of the ones who got in earlier.
Its like a 105 year old person, each day that goes by, the chances of them passing away are greater and greater - despite the fact that they defied the odds for a long time.
So the way i see it (given that I'm short) if stocks continue to to well, the rest of my portfolio will more than offset the dividend I'm paying for this. If economy takes a hit, or stocks start correcting for several months, you have to believe that all the buyers will disappear.