Will Blue Wave Increase Or Decrease Earnings?

Check out the accompanying pdf and chart collection. (1) Valuations vs mutating virus. (2) Retail sales stalled late last year. (3) Our proxy for wages and salaries continued to recover in December as government benefits declined. (4) Here comes another round of pandemic support checks to lift consumer spending. (5) Unbelievable: Real GDP has almost fully recovered. (6) Santa delivered bullish PMIs. (7) Signaling solid revenues recovery this year. (8) We are more positive on revenues than the analysts. They are more positive on profit margins than we are. (9) Buybacks should make a comeback this year unless they are drowned by the Blue Wave tsunami.