When Does Disruption Get Priced In? Why Earnings Stability Drives Market Recoveries
Disruptive technologies often trigger brutal sell‑offs in the sectors they threaten, but prices don’t fall forever. History suggests that share prices usually stabilize only after the earnings outlook stabilizes. You can see this pattern in past disruption episodes. Newspapers lost most of their market value as the internet reshaped advertising, and tobacco stocks were crushed…