You keep referring to this 40% number and calling it a "significant discount", when in actuality it's only a 7-8% decrease in asset value that would be needed to wipe out shareholders ($211B assets vs $195B liabilities on their latest balance sheet). In your original comment you mention the bank selling assets at a 8.5% discount as a point _in favor_ of your thesis. You seem to not only be missing the contradiction there, but also making a vaguely optimistic case for investors getting money back in an asset firesale.
I don't mean to dunk here, I just get nervous seeing someone propose a super-high-variance trade that goes empirically wrong an hour later, and then quote Benjamin Graham. As the responder above said, given the size of the dodged bullet you should really be updating your priors on investing strategy, but you seem to barely even regard your thesis as mistaken.
I don't mean to dunk here, I just get nervous seeing someone propose a super-high-variance trade that goes empirically wrong an hour later, and then quote Benjamin Graham. As the responder above said, given the size of the dodged bullet you should really be updating your priors on investing strategy, but you seem to barely even regard your thesis as mistaken.