Great Business, Bad Balance Sheet

[chrispy]

Chuck Akre frequently talks about AMT during the 2001 recession being a great business with a bad balance sheet.  AMT had great assets generating money but had a large debt obligation nearing.  Purchases near the low are now >100 bagger.

 

Does anyone have thoughts on a business in this situation today?  My only guesses are:

 

TDG

SPG <-- not so sure

[jasonchin]

SAVE - Spirit airline. The low cost model works in a stable economy as you get a portion of the population who wants to get from A to B at min cost. However, the current debt level makes SAVE a risky business.

[Jurgis]

What exactly is bad balance sheet?

Are you looking for great business that's ongoing during pandemic or one that is (mostly) stopped?

Also you'd have to look at valuation.

 

I'll just scattershoot:

 

EXPE

IAC

MCO

Liberties

DFS

CVS