Latest macro: A deep dive into US profit margins and earnings. When detrending margins, they don’t look so hot for this stage of the cycle

via @ericbeebo:

Companies with fatter margins may be maintaining them for not-so-good reasons: declining competition

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Watch trends in NIPA earnings and margins — they lead the S&P, and the S&P in turn leads the MSCI World

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A top-down macro view of the earnings outlook…ain’t too darn pretty

 

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