The Importance of Margin Cuts

We are expecting weaker revenue growth across the board this year so it's difficult if not impossible to expand your earnings to grow your earnings unless you've cut costs enough. I just don't see that happening before we get a little bout of fear and I think that's going to come very quickly as we get through Q1 earnings season. Keep an eye on some of these trends and margins and some of these components to earnings are really important.