The equity markets, despite a verey modest drop so far today, continue to hang in despite slowing profits growth. David Rosenberg notes that while many tout the +6% YoY earnings growth being better than the +2.4% consensus, it is significantly lower than the +8% in Q4 2011 and once adjusted for special factors like reduced expenses related to pension funding, the growth rate in earnings is a meager 40bps! So, he notes, it appears not to be about earnings but about what investors are willing to pay for the earnings stream and lays out four reasons for the market's 'comfort'. However, while ... Read More