9) Why Earnings Surprise Still Fails at High Rates
Investors often ask: “Why didn’t the stock move? Earnings beat.”
Answer: the discount rate didn’t cooperate.
At high rates:
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Incremental earnings are discounted heavily.
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Cash today beats promise tomorrow.
This is why cash-flow stability outperforms headline EPS growth late in tight cycles.
10) Reading the Next Move (Without Predicting Prices)
You don’t need to forecast exact cuts. Watch expectations:
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