Financial TimesFinancial Times

Don’t push the panic button

By Robert Armstrong and Ethan Wu

24 Jan 2022 · 4 min read

About 15 years ago, when I was a buyside stock analyst, a colleague and I had a meeting with the CFO of a hotel and gaming company based in Las Vegas. The rumblings of a financial crisis were just becoming audible. The first thing the CFO said, after we had made our introductions and sat down, was: “Look, we’re not going bankrupt or anything.”

I glanced at my colleague as we both thought: they’re going bankrupt. They didn’t, in the end, but as I remember we did very well on our short position.

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