What’s the Matter with Profits, Again?

(1) Oddities in profits data. (2) The bears love NIPA profits because they are in a coma (ambiguity intended: Read either way). (3) Stock prices diverging from NIPA profits. (4) S&P 500 earnings diverging from NIPA profits. (5) Tale of two profit margins: S&P 500 at record high, while NIPA on downward trend. (6) Market discounting that earnings growth will rebound next year from this year’s growth recession. (7) Another earnings season, another earnings hook. (8) NIPA profits measure is a fruit cocktail. (9) S corporations distorting NIPA profits and National Income shares.