February 26, 2016
Our research on US earnings appeared in the Financial Times article by John Authers. The article described the challenging profit environment and featured our research on the increasing propensity of US corporations to mask a deteriorating outlook.
The market is much richer than it appears. We demonstrate that the 2015 “adjusted” numbers are 30% higher than the GAAP ones. The last time this happened was in 2007 at the dawn of the financial crisis. This contradicts the dominant narrative of a healthy US economy.
Click on the title or on this link to view the article in the FT.