The market is giving investors an uncomfortable combination: strong economic data, rising oil prices and rising interest rates. That sounds bullish for the economy—but not necessarily for every stock. The S&P Global composite PMI reached 58.4 in September, its strongest level in more than five years. At the same time, Brent crude moved above $100 and the 10-year Treasury yield rose above 5%. My concern is not that stocks are falling. Markets fall. My concern is that investors may be valuing future growth with yesterday’s interest rates. A business that looked attractive at a 3% discount rate may look very different at 5%. Price is what we pay. The discount rate helps determine what future earnings are worth.