Last week, I ended my note to readers saying: “With almost every company reporting, earnings for the S&P 500 in Q4/25 have risen by a fat 18% year-over-year, increased revenues having accounted for 5% of the increase, while fatter profit margins accounted for 13%. There is no way this can be repeated if tariffs are actually fully implemented; and the standard measure of retail investor sentiment, the AAII Survey, has undergone a remarkable crash as a result.
A Macro Market View by Hubert Marleau
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