Karl speaks from experience.

When he ran his internet company there was quick advances to newer/better chip technology. If you borrowed heavily to upgrade and failed to have the revenue to pay them off you were quickly ran over with new technology while holding debt on old technology that was not worth what you paid for it.

It's part of the reason he was able to lease Prudential Plaza in downtown Chicago for pennies on the dollars. There will be massive opportunities for those who are not leveraged up and up to their neck in debt.