Up 30% from December's low, it would be easy to assume shares of Capital One Financial (NYSE: COF) are shaking off 2022's miserable performance. Moreover, the Federal Reserve's decision on Wednesday to scale back its pace of interest rate hikes suggests inflation is being tamed. That's a direct win for Capital One's customers as well as an indirect win for the economy as a whole. Further bolstering this bullish case for Capital One stock is its unusually low forward-looking price-to-earnings ratio of 7.6, one of the lowest among the major names of the financial sector, in fact. 

And yet, I still wouldn't own this stock.

Don't misunderstand. In the long run, Capital One Financial as a company will be fine. It may even be fine in the short run. Given its particular business model, however, the company is uniquely vulnerable to what lies ahead. Indeed, significant cracks are already beginning to form. 

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Source Fool.com