As the 'SaaS-pocalypse' phenomenon advances unabated, and software stocks continue their free-fall, rereading Michael Burry's early writings during the original dot-com collapse has felt less like a history lesson and more like a field-guide.

In Part 1, I laid out the catalyst (the 2026 U.S. midterm elections), the broadcasting industry's structural backdrop, and E.W. Scripps' operational positioning - its local station footprint, ION's must-carry reach, the OTA/sports pivot, and the secular headwinds it's running against. The operational story is decent. But none of it matters if the capital structure can't survive long enough for it to play out.

Security analysis, especially of the 'cigar-butt' variety (as Buffett would describe) has always been an interest of mine. Taking a cue from Michael Burry's old MSN MoneyCentral articles, I'd like to elucidate my own theses, to reinforce my arguments and build a track record going forward.

My website mightn't look any different, but I've made some major modifications under the hood. Optimising Nginx and boosting my security has put this website on the cutting edge of today's web.