Background
It is not known when this phrase was first used or by whom. However, it or phrases closely equivalent were almost certainly first used in connection with the theory of value investing as developed initially byUse in forecasting corporate bankruptcies
Another use of this phrase has been in connection with efforts to predict corporate bankruptcies that may come out of such a period of financial distress. One who developed an approach to making such predictions has beenUse in analysis of speculative bubbles and crashes
Drawing on these uses fromReferences
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