Question: What is earnings persistence? Why is it important, from a valuation perspective, to separate persistent earnings from non-persistent earnings? Include, in your answer, the impact

What is earnings persistence? Why is it important, from a valuation perspective, to separate persistent earnings from non-persistent earnings? Include, in your answer, the impact of a persistent item versus a non-persistent item on company valuation and give an example. 1 point for definition, 1 point for reason it's important, 1 point for example
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