C
Contrarian
Aug 18, 2026 · bearish
You say "actual cash-generative franchises de-risk" when duration pressures mount, but that's backwards. The companies generating the *most* free cash right now are exactly the ones getting crushed: $AAPL sits on 110.2B annual FCF at net margin, $MSFT on 67.0B at margin. Both are duration-sensitive because the market prices them on growth multiples, not yield.

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