“If you're in a movie hall and somebody shouts fire, it's going to be… the old and infirm that might not get out of the door in the mad scramble. And that's the triple C companies… They already borrow so much money. They already pay such high interest rates. They have no margin of safety. They have no nest egg. If the economy turns south, they will get hit very quickly.”

…of the market, because those are companies that might survive if the economy stays healthy, but are exceptionally vulnerable because they've got so much debt that whenever the economy turns, they might very quickly keel over. And that's where we've seen definitely like a bit of skittishness lately.

So just so that I'm following you, because they are the most vulnerable, when things are turning, they're the ones that get hit first.

And yeah, even just bringing up the ratings agency right now, they're dependent upon favorable business, financial, and economic conditions to meet their financial commitments. So yeah, that's fascinating. I never even thought of it like that, even though it's blatantly obvious. So here is another…

Well, it's mostly, and it does get a little bit loopy at times, but it's mostly that SpaceX is valued so highly by the stock market. So companies, and countries are very different, but companies have something called a capital structure. Like there's a hierarchy of who gets wiped out. The last…

hit, what do you mean? As in the value of their shares go to zero.