Ignore declining profits at your own peril 230204

The Market has started the year extremely well; however, I think investor euphoria is myopically focused on only half the value equation.  Investors are fixated on a Fed rate hike pause or perhaps pivot to lower rates.  Yet, the value of money is not based on nominal interest rates, but rather on a comparison toContinue reading “Ignore declining profits at your own peril 230204”

S&P 500 Earnings are DECLINING 230119

The Market has started the year off fairly well, as it does in most years, especially those following high levels of tax harvesting.  But can the euphoria hold?  I don’t think so, for many reasons, but primarily because corporate profits are deteriorating. The attached chart is busy, and will be the subject of many futureContinue reading “S&P 500 Earnings are DECLINING 230119”