While some will be tempted to treat today's Chesapeake filing as an exception due to company-specific issues and shale energy disruptions, it's unfortunately part of an historic surge in US corporate bankruptcies that is just starting to build momentum. This surge is also part of a great COVID-led dispersion involving big winners and big losers (not just corporates but also households). It will result in greater industrial concentration. And it involves the one risk that the Fed cannot shield investors from – that of permanent capital impairment. #Chesapeake Chesapeake Energy #energy #markets #bankruptcy #investing #investors …see more