McElligott Warns Of ‘Inconvenient Truth’

Over the past several weeks, I've editorialized breathlessly about the potential perils ahead for corporate America, as profit growth looks set to turn negative. That's a euphemistic way of saying the long-awaited US earnings recession is nearly upon us, and this time around, you needn't look to any famously bearish top-down strategists to make the case. Consensus expects YoY earnings growth to flatline, then turn modestly negative in Q1 and Q2, before rebounding sharply in the back half of th

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One thought on “McElligott Warns Of ‘Inconvenient Truth’

  1. This dovetails neatly with my macro thesis for 2023: a long, interesting trip to nowhere. Were anyone to ask me for my year-end S&P 500 forecast (mercifully, no one will), I would just pull up the most recent market print and point to that.

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