For a stock like $Amazon.com(AMZN)$ , its multiple could collapse -50% and you still get to ~10% IRR over 5 years because of FCF growth acceleration. Owning reliably profitable high growers (not all growth is created equal) takes a lot of the multiple guessing game out of your final returns.
I definitely dont recommend owning shitcos with unprofitable growth. But reliable growers like $MasterCard(MA)$ $Moody's(MCO)$ just to name a few will do just fine even if rates stay here for awhile. Futures Multiples are hard/impossible to guess, but I know they will grow FCF at good clip.
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