Quarterly S&P 500 earnings per share peaked at $54.
Buffett expects the ‘majority of holdings to report lower earnings this year than last year’, citing a ‘very different climate than 6 months ago’. Buffett’s commentary about the economy is somewhat conflicting with the earnings results of the Berkshire conglomerate, where operating earnings for Q1 2023 increased 13% YoY.
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Changes in M2 tend to influence future changes in GDP. It suggests that additional weakness in GDP is to be expected. Employment appears to remain strong and is often used to support the view that recession is avoidable.
