> almost everything in almost every industry is downstream of interest rates

This is a very "if you exclude the best and most robust parts of the economy, everything looks terrible!" sort of comment haha

services industries don't contract nearly as much as manufacturing during interest rate rises, see 1980-82 recessionary period

everyone in finance correctly regards entertainment industry as more robust during high interest rates (and the macro environment high rates respond to), that doesn't mean buying Disney is a good trade (it's not). two separate issues.