I really want to agree with @chamath-understand that Chapter 11 is what makes the https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇺🇸" title="Flag of United States" aria-label="Emoji: Flag of United States"> bankruptcy code so unique in that it allows restructuring rather than liquidations.

However, what is cost of equity in #chamath‘s vision? Should businesses hoard https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag"> to withstand next pandemic? https://twitter.com/manal_mehta/status/1245360059019718656">https://twitter.com/manal_meh...

Would you ever invest in a hotel, airline or other business that didn’t reserve enough https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag"> to withstand 90% of their business vanishing overnight? I get the moral hazard arguments but must incorporate impact on capital markets & cost of equity. @ScottWapnerCNBC @izakaminska @WSJ

For context to this thread: https://twitter.com/cnbc/status/1248425968529821696?s=21">https://twitter.com/cnbc/stat...