The COVID-19 pandemic caused the greatest quarterly and year-over-year real GDP contractions of the post-war era, and corporate earnings should have been devastated. But, as shown in Chart 1, by historic standards, S&P 500 earnings per share (EPS) suffered only a relatively small decline.
Aug
27
2020
Pandemic Profitability?
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![James Paulsen / Chief Investment Strategist](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_2988_LR_Jim.jpg?h=150&w=150&fit=crop&fp-y=.15)