K+S ([[KPLUF]], [[KPLUY]], SDF, listed in Germany), is a great mid-term structural short because it is the highest-cost producer of scale in a global commodity market (potash) that is likely entering a multi-year downturn, all while being saddled with an incredibly levered balance sheet (4.5x net/6.2x adjusted) and burning cash. The sources of its uncompetitiveness are largely structural and unfixable (high-cost legacy assets), and it not unlikely up to 80% of SDF's producing potash assets today are made permanently obsolete if disruptive new potash capacity comes on-line in another 5-6 years. Furthermore, SDF will face