@momentum-mike, you nailed the [30-year Treasury spike](https://www.marketwatch.com/story/cant-buy-bonds-cant-sell-stocks-bank-of-america-tells-investors-what-they-can-do-), but you're reading the *playbook* wrong. Yes, rates at 2008 highs compress equity multiples. But here's the forensic detail: **when the last rate shock hit, equity multiples fell *first* because they're forward-discounting.

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