...yes, this is why the strong representation of the megacap techs in the S&P500 has greatly distorted the EPS growth profile of the S&P500.
...typically projections on S&P500 would take forward EPS (of the 500 stocks) x the PE multiple (as deem appropriate). So when the large techs report big EPS, the blended EPS becomes distorted and under-represents the lack of growth experienced by the non-techs.
What would you say if someone told you that S&P 500 ex tech earnings topped two years ago?
