Profits as a share of output are close to 10 percent. That's as high as they've ever been.
Investors are anticipating measurably slower profits growth. As a result, they're valuing companies that can produce good, solid earnings in an environment where earnings are going to be harder to come by.
Investors are anticipating measurably slower profits growth, ... As a result, they're valuing companies that can produce good, solid earnings in an environment where earnings are going to be harder to come by.