Last week, I flew down to Palm Beach for Guggenheim’s annual media conference to brief a group of investors and hedge fund managers on an astonishing trend. Over the past few years, facing mounting losses and slowing growth, streamers like Max and Disney+ have opened the gates to their walled gardens and begun licensing out content to Netflix. The short-term goal, of course, has been to juice revenue and service their debt in order to pop their stock prices. But the investors in Palm Beach had the opposite concern: They worried that the short-term debt repayment strategy made these companies vulnerable long-term. Was this merely a temporary respite from the streaming wars, they wondered, or were these platforms essentially waving the white flag?