The case of Office Depot and Staples is a good example of why investors should be aware of both the bull and bear thesis on a stock. For those who were short Staples at the time, being aware of the bull thesis would have helped frame the risk of a short position in Staples. Since November, that bull thesis has largely played out as both companies are now several steps closer to a potential merger. Office Depot and Staples are now up 78% and 45%, respectively, as the stocks price in the increased likelihood of a combined company.