The investor Warren Buffett once gave a famous warning: “It’s only when the tide goes out that you learn who’s been swimming naked.”

The tide has just gone out again, and clues to who’s been swimming naked have begun to emerge.

Mr. Buffett first made that comment in 1992, after Hurricane Andrew exposed the inadequacies of the insurance industry, to describe the rosy appearances that can mask financial recklessness until the good times end.

With a contagious virus seemingly out of control; supply chains disrupted and travel and tourism collapsing; an oil price war that has sent crude prices plunging to their biggest one-day drop since 1991; and stocks that may have just careened into a bear market for the first time in 11 years, …continued .
[Source: New York Times]