Why this earnings exuberance may be a problem for the stock market, according to this Wall Street veteran
THE SO WHAT
When profit optimism runs ahead of macro reality, boards get pressured into over-committing on growth and buybacks at the top of the cycle. Operators should be tightening hurdle rates and scenario-testing downside, not letting short-term earnings exuberance set 2026–2027 spend and hiring plans.
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