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But sometimes just a day or so later, with a glimmer of hope that Europe is pulling away from the abyss or that the United States is picking up steam, newly optimistic investors turn around and rush back from cash into harder assets, like stocks, foreign bonds or commodities, pushing prices higher together.
The obvious thing to do is convert shares into harder assets.
The harder assets, such as pipelines and foreign energy plants, may be salable, but it's hard to believe those assets would not be more valuable stripped of the name Enron.
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"It's replacing hard assets with smart assets," Mr. Snyder said.
"A lot of these guys say having hard assets is better.
An Energy Boost The Van Eck Hard Assets fund invests in diggers, drillers and tillers.
But it wasn't just the credit score — they needed hard assets on the floor.
Capital-intensive operations with lots of buildings, machinery and hard assets?
It appears the company has about 45 percent of the asking price in hard assets.
"Hard assets and financial assets going up at the same time, that's just not natural.
Contrast Walmart's $160 billion of hard assets for its $300 billion valuation against Facebook's $9 billion dollars of hard assets for its $500 billion valuation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com