Higher Rates: Who Actually Breaks?

A framework to separate “rate-sensitive” narratives from balance-sheet reality—and what I’m watching next.

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Thesis

• Claim: …
• Why it matters: …
• What would change my mind: …

Framework

Replace this with your actual analysis. Keep it to 3–5 drivers. If you cite sources, link to them and add a short note.

What I’m watching next

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• …
• …

Bottom line

Not investment advice. This is a research memo and a public portfolio of thinking.