Surveillance: Tech Downside with Wilson
Bloomberg Surveillance
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Is This a New Metric?
It's a forgotten metric, which is that your costs sit on your balance sheet until they have to hit the income statement. This whole idea of a cruel versus cash accounting seems like 40 years ago. The question is, will the markets look through that and suggest, well, we notice this temporary ultimately companies get the head around that? Our experience is that markets will not look through it if the earnings degradation is as severe as we think it'll be.
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