Get short and 2 other tips from Jana's Rosenstein

Barry Rosenstein
Adam Jeffery | CNBC

Barry Rosenstein's Jana Partners beat the market over the last 14 years with a 12 percent annualized return versus the S&P 500's 6 percent gain, according to a third quarter investor letter sent to clients this week.

The well-regarded activist hedge fund's 2015 performance isn't as impressive, with the latest media reports showing Jana's main fund down 4 percent on the year at the end of October.

Nevertheless, Rosenstein's latest thoughts on the market and explanation of his latest investment moves are always worth reading.

Here is what he said.