From Mish's Global Economic Trend Analysis:

In response to Five Reasons for Nonsensical Forward Earnings Estimates, several people sent me a link to a McKinsey Quarterly report Equity analysts: still too bullish

No executive would dispute that analysts’ forecasts serve as an important benchmark of the current and future health of companies.

To better understand their accuracy, we undertook research nearly a decade ago that produced sobering results. Analysts, we found, were typically...

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