Forward earnings are the clock on today's price
Realization gate —
Earnings arrive
Earnings don't arrive
today's price
carries the claim
claims
claimed future earnings
the un-arrived promise
realization gate
forward earnings = the clock
repaid
resets
earnings arrive
price repaid → noise
earnings don't arrive
price resets → bubble
buy / hold / sell
hinges on the stream's arrival, not the price