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The 50% Earnings Growth Trap
85% of S&P 500 companies beat expectations. Earnings growth is around 50%. The index is at record highs. So why is Wall Street still mostly talking about 7,900–8,000?
At first glance, the numbers look insanely bullish.
But dig one layer deeper, and the picture gets much more complicated.
A big chunk of that headline earnings growth came from one-off accounting gains at Alphabet and Amazon. Strip those out, and the growth rate falls closer to 28.8%.
#DailyOrbit
