It's official... we've hit the largest S&P earnings decline on record, for those of you that think the market is overreacting, look at this chart, which shows how, from a YoY / moment-in-time earnings stand point, we've never seen it so bad. Not only is this the worst YoY drop on record, but earnings themselves haven't seen such low figures since the 40s. This isn't prices, this is earnings. Interesting times!
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