As we put a fork in the S&P 500’s Q3 earnings, our snail trail is now decidedly pointing south. However, the kink you see in Chart 1 should not be viewed as an EPS collapse. An accounting sleight of hand from Berkshire Hathaway—R.I.P. Charlie Munger—shaved off just under $3/share in EPS for the index. If that were added back, the quarterly estimate of $55 would be pretty much unchanged since the start of the summer.
Dec
04
2023
Disappointing On The Top Line
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