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Once a quarter, about halfway through, we take a snapshot of the earnings per share that investors expect to earn in the S&P 500 over the next several quarters. Since our previous snapshot in mid-May 2014, the earnings outlook for investors has eroded somewhat over the last three months:

(click to enlarge)

Through the end of 2014, the level of earnings has dropped to a level between what investors had previously expected back on 15 August 2013 and 14 November 2013, before expectations of higher earnings growth took root in the first quarter of 2014.

Source: Summer 2014 Snapshot Of Eroding Earnings Expectations For The S&P 500