It's All About Earnings

David R. Kotok
Thu May 27, 2021


We thank the Leuthold Group for permission to share the above chart. (It was included in the May 25 edition of Paulsen's Perspective, written by James Paulsen, Leuthold Chief Investment Strategist. You can access the article by subscribing to Paulsen's Perspective here:
This picture is worth the many thousands of words written each day about the US stock market. At the end of the day, it's all about earnings. The robust COVID-shock recovery in stock prices has been supported by the extraordinary and robust growth in earnings. You see the Leuthold approach here, and we have respect for their efforts.
Whether the final 2021 earnings number for the S&P 500 is $215 or some other nearby number isn't what matters. More important is the directional trend. And it is up and projected to remain strongly up.
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David R. Kotok
Chairman of the Board & Chief Investment Officer
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