06/24/2026
📊 Are companies really earning what investors think they’re earning?
In this clip from Tea & Crumpets Episode 103, Will and Adam break down the difference between operating earnings, cash flow, and the non-operating gains that may be inflating the appearance of corporate performance.
While these accounting treatments may be perfectly acceptable under GAAP rules, the bigger question is whether they’re sustainable. As valuations climb and lockup expirations approach, investors may want to look beyond headline earnings and ask what’s actually driving the numbers.
Could today’s market leaders be more vulnerable than they appear?
🎙️ Watch the clip and listen to the full discussion in Episode 103: Summer Kickoff.
🔗 Link to Listen: https://linktr.ee/formidablellc (Link also in bio ⬆️)