On the Margins

(1) Contrary to the bearish script. (2) Still waiting for the first part of the boom-bust cycle. (3) S&P 500 profit margin at record high. (4) NIPA profit margin is down, but a long way from reverting to the mean. (5) The Trauma of 2008 explains a lot. (6) Containing costs remains a top priority. (7) Disruptive technologies posing existential threats. (8) Forward profit margins of S&P 500 and its 11 sectors all exceed S&P 400/600 comparable series. (9) It’s good to be big. (10). It’s good to have a global business.