Is the market listening to a different tune?

S&P 500 Negative & Positive Pre-announcements: 5 years

Since the second quarter of 2010, US negative earnings preannouncements have far outweighed positive ones. Yet the S&P 500 has barely stuttered. Through debt-fuelled share buybacks and other means, corporates are doing their best to mask the true underlying picture.

James Harries, Investment Manager, Newton

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