The Profits Depression
Stocks are now pricing in a huge earnings recovery. And it would have to be a huge recovery because the earnings decline was absolutely gargantuan! We have no idea if this decline on S&P 500 earnings is reflected in a similar chart on the S&P ASX/200. We'll get back to you on that. In the meantime, the chart below shows that the since peaking in the third quarter of 2007-global financial crisis eve-S&P 500 earnings adjusted for inflation have fallen 98%. In fact, according to the