Preparing yesterday's post, the decline in the "forward 4-quarter" growth rate for the S&P 500 below 3% was a bit of a surprise.
However, perusing the IBES by Refinitiv 2020 Expected S&P 500 Earnings data shows that revisions are positive for next year (at least for now) which historically has been positive for "expected returns" for the S&P 500.
Ed Yardeni, Jeff Miller, Sam Stovall, and a few others who follow S&P 500 earnings regularly have noted over the years that the "revisions" trend is usually negative into the release of quarterly earnings and then