Evidence from dividend futures data suggests that cash-flow duration is the primary unifying driver of the CAPM alphas of major equity anomalies. However, dividend futures are limited in three important dimensions: they cover only a short sample period starting in 2010, are restricted to large firms, and are available for only a few maturities. I address these limitations by computing synthetic dividend strips—akin to dividend futures—that extend back to 1975, are constructed using all U.S. firms, and are available for all maturities. Dividend strip evidence aligns with that of dividend futures when restricted to the time window, type of firms, and maturities in which those are available. Using a novel decomposition, Alpha Accounting, I show that only 8% of the long-short CAPM alphas of major anomalies are driven by cash-flow duration. My results suggest that conclusions drawn from dividend futures overstate the role of cash-flow duration.