The Big Picture Message From the Earnings Season So Far

I think the big picture message is actually somewhat similar to what happened in the second quarter. In aggregate, companies beat these lowered numbers, but they beat by a much smaller amount than they typically do. This leaves equity markets feeling like a negative carry asset. I mean, your EPS number keeps coming down and unless you can make the case for a material multiple expansion, then you're facing pretty stiff headwind for price appreciation.

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