"Earnings occupy a central position in accounting. It is accounting’s summary
measure of a firm’s performance. Despite theoretical models that value cash
flows, accounting earnings is widely used in share valuation"
Source: http://lib.cufe.edu.cn/upload_files/other/4_20140516025220_14.pdf
Earnings matter way more than FCF
I almost can't believe that I am having this conversation....
The above PDF explores the correlation between earnings and cash flow...
APT Margin Transaction Losses, page-160
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