Cracks seem to be appearing in Covid winners, as the sensitivity to earnings/guidance misses has grown, as exhibited by strong price declines for more “innovative” market darlings. These companies have a high likelihood of falling into the “overearning” camp, where expectations may be far too high, thus pull forward risk is underappreciated for the quality and durability of earnings growth in the future. They appear all offence and no defence! Investors shouldn’t overlook the potential benefits of focusing on the “underearning” camp, particularly companies in the e...