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This is the first honest assessment of earnings I have seen in a long time.  Naturally, Goldman Sachs is ahead of the curve.   They are now expecting $40 per share which is below my estimate of $45.   This is a positive development.  The lower the expectations we see the greater the likelihood of future outperformance.   My expectation ratio continues to improve marginally, but the indicator leads the market by 2 or 3 quarters historically.

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Update (4:25PM) : Great chart here adding some perspective:

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