The Earnings Snow Job
This commentary originally appeared at 9:20 a.m. EST on Feb. 11 on Real Money Pro -- for access to all of legendary hedge fund manager Doug Kass's strategies and commentaries, click here.
Similar to this past weekend's brutal blizzard, the interpretation of fourth-quarter 2012 U.S. corporate profits and the expectations for prosperity in 2013 is another big snow job. The current disconnect between stock prices and the slowing pace of earnings growth is reminiscent of the second half of 2007. The difference between then and now is 2007's emerging weakness was centered in the financial sector. By contrast, in late 2012 and expected in early 2013, the profit weakness is more broad-based....568 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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