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Feb 11
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WATCH
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Carrie Firestone
Investment Committee Member
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"You take it in aggregate... there's a few big things that buoy the whole thing up. You disaggregate it, you look at the other 493, it's not as rosy a picture." While the headline S&P 500 earnings look strong, they are distorted by Mega Caps. The underlying health of the remaining 493 companies is questionable, suggesting the "broadening" narrative faces fundamental headwinds if those companies don't deliver earnings growth. WATCH. Be careful assuming the "average" stock is healthy just because the index is up; stock selection is critical outside the Mega Caps. If the economy accelerates significantly (soft landing achieved), the "493" earnings could catch up rapidly. |
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