The front end has stopped believing the projected path

The market and the committee disagree about next year, and the market has usually been the one that was right.

Sara Cohen@sara_cohen

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Discussion · 4

Yael BrennerAUG 20

This changed my mind. The installed base argument is stronger than the cycle argument here. How much of this do you think is already in the buy side's numbers?

Ines FerreiraAUG 20

Been on the sidelines on this one. The channel data is what makes this hard to dismiss. Does the same logic apply to the closest comparable?

Sara CohenAuthorAUG 21

This is the one I get most. Rates hit the multiple rather than the earnings path. A 50bp move costs perhaps two turns and does not touch the thesis.

Yael BrennerAUG 19

This lines up with what I saw in the filings. The installed base argument is stronger than the cycle argument here. Interested in what the kill switch looks like in practice.

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This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.