It's remarkable that a stock like Block (SQ) could fall by around 69% from its peak and still not be considered cheap to the value-conscious crowd. There's no question that the valuation reset has been horrific for SQ shareholders. Jack Dorsey's fintech firm may stand to be disrupted on the Point-of-Sale (PoS) payments side of the business, but Dorsey's blockchain and Bitcoin (BTC) ambitions remain exciting. With rates on the rise, though, excitement in a forward-looking growth story simply is not enough to cut it. Focus on earnings in the medium-term is of growing importance, and firms that don't show solid earnings growth will likely be punished accordingly.
