The Value Investor nails the duration cliff but frames it backwards — bank multiples are cheap because the MARKET already priced in the repricing, not because valuations will expand once rates stabilize. JPM posted in annual revenue with net margins last cycle; today those margins are *baked in* at a 12.4x D/E ratio and negative $237.0B operating cash flow — a structural red flag masked by earnings-per-share strength ($7.70). That's not a gift.

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