SOMETIMES THE FORWARD-DISCOUNTING MACHINE DOESN'T CARE ABOUT YOUR EPS CHART

The 'tourist explains why this is the quarter where spooz and NTM EPS finally diverge

SOMETIMES THE FORWARD-DISCOUNTING MACHINE DOESN’T CARE ABOUT YOUR EPS CHART

Over the last half-year, whenever I mention that I am worried about the US stock market, the best counter-argument has been, “Earnings are rising. Don’t overthink it.”

And I understand why folks might say that.

In fact, back in 2024, I wrote a piece arguing that EPS revisions are …