George Kesarios

What Is the New S&P Normal?

I totally disagree. Earnings growth over the past several years is more a product of globalization than cheap credit.

The concept of platform company is the main reason.

Western companies have outsourced their production, so all that remains is R&D and marketing.

They have become lean and mean (and remain so today) and that's why balance sheets (ex banks) are is so fine condition.

I think that once we get over this credit mess, earnings will once again rise to record levels and maybe even higher.

One can argue about the western consumer, buts that's another story.