Expensive + strong momentum + shorts building + accruals deteriorating. Glamour stock about to mean-revert.
A momentum-and-story stock at stretched valuation, where sophisticated shorts are adding to positions and the accounting is starting to show accruals deterioration. The combination predicts multi-year underperformance.
LSV 1994 glamour side: the most expensive quintile with the best recent performance underperforms the market by 10-15% annually over multi-year horizons. CKL 2003 adds that the "mean reversion" for glamour is gradual, not sudden — tends to be a 24-36 month drift.
Timing is the hard part. Glamour stocks can keep running for many months before unwinding. The pattern is more useful as a position-sizing guide (don't go heavy long) than a short-selling trigger.