08/28/2024
The U.S. economy and corporate revenues have grown considerably over time, yet since the mid-1980’s the rate of increase has slowed. Growth in U.S. corporate profits, on the other hand, actually accelerated. This overview details two factors that we think explain much of the disconnect. Two factors that also may be on the verge of shifting from being a tailwind for profits and stock markets to more of a headwind.
Writing about the U.S. equity market in anything less than glowing, optimistic terms is incredibly difficult and almost unnatural. So much so, that I have