A frequent push-back to our positive fundamental core thesis highlighted in our Macro Slide Deck is that our 2020 S&P 500 (SPX) operating EPS are below the current consensus estimate.  In other words, the fear is that if we are right, consensus estimates would be revised lower and would disappoint the consensus and cause stocks to go down.  Interestingly, we found the opposite to be true.

 

 




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