Nothing like good ole’ Goldman to brighten up things with a wink and a smile just as the economy is sliding, earnings are retrenching (and declining excluding pension underfunding adjustments), cash flow is negative and revenues are poised to double dip.
Sliding US GDP got you down? Fear not: just add hockeystick.
Earnings continue to decline on a year over year basis? Fear not: just add a little more hockeystick.
Of course, if you are the sellside, and had to justify your 7 figure comp by “adding hockeystick” at the beginning of the year, when the consensus saw $113+ in S&P500 EPS, it is time to apply a little reality and crush the consensus forecast. We are now half way into the year and the Consensus has slide to $110. Of course, the real forecast convexity is in Q3 and Q4 when predicted EPS really picks up, at which point absent the above hockeysticks, look for 2013 S&P EPS to hit… 100