Thankfully the market is forward looking or I'd be concerned ... on a serious note, obviously the financials created a train wreck in 2008 but even if they become modestly profitable (and we're doing everything in our power to make sure it happens) it will be interesting to see where S&P earnings come in this year. We can only fire so many people to boost earnings - eventually we will need growth. Keep in mind this exact same time in 2008 we were sitting shaking our head as investors eagelry swarmed into stocks based on FORWARD earning estimates.... as analysts were forecasting the (much denounced on the blog) '2nd half 2008 recovery', and ... wait for it... 60% year over year earnings growth in the fourth quarter.
Missed it by *that* much.
As always keep in mind our entire market is overinflated since we've moved to operating earnings rather than as reported earnings but since we're all good with that... it's a moot point. [ Apr 24, 2009: Operating Earnings v As Reported Earnings ]
I have a lot of blog topics lined up that are quite interesting, just a matter of getting time to write them - hoping to get through some of the backlog this weekend.