Every so often, a company on our watchlist undergoes a negative event, sometimes self-induced and other times exerted upon it, that creates an opportunity to invest. What’s required to take advantage of the situation quickly is knowledge of the business beforehand (which is why we study businesses every day, despite not investing in them), a network to quickly diligence the issues on the ground, and visibility on a catalyst path that not only resolves the issues in the near term but also sets up market-agnostic returns over a multi-year period. FTAI Aviation is such a company, and the stunning decline in the price of its shares following the Muddy Waters short report is such an event.