The stock market is rebounding without the most important ingredient it needs for long-term gains — and one quant chief warns it's a setup for another crash
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The consensus forecast among analysts is that by the end of 2021, profits will be growing at nearly the same rate as they were in late-2019. In particular, Lapthorne is skeptical of the "perfect" recovery that is reflected in real-time consensus forecasts for earnings, the biggest long-term driver of stock prices. Data he compiled shows that analysts expect global profits to fall by 21% this year and then rise 21% in 2021.
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