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  "notes": "The slide uses a table to demonstrate earnings volatility and a line chart to show the inverse relationship between PE ratios and EPS during recessions.",
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      "kind": "callout",
      "text": "...notably for cyclicals, for which cash flow can be highly volatile",
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      "text": "Investors value look-through cash flows",
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      "text": "Chart 1: General Motors Price/Earnings Multiple versus Earnings per Share",
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      "text": "Since earnings will recover in 2003, it is unlikely that the price will collapse in 2002 simply because of a temporary drop in earnings...",
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      "text": "Investors recognise this. GM's share price during the period mirrors the upward secular trend in earnings rather than the peaks and valleys.",
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