The conference discussion of "The Information Contained in the Components of Earnings" by Robert Lipe concentrated on the following general topics: (1) contextual use of "persistence," (2) selection of earnings components, (3) explanation of results, and (4) future research. The four topics are interrelated, and the conference discussion did not proceed in the exact chronological sequence used for this summary. In general, conference participants first questioned the author's definition of "persistence" and choice of earnings components; and they returned to those topics from time to time during discussions of results and extensions of his paper and its implications for market-based research in accounting.