Doug Kass summarises one of my concerns about the US market -
"The Earnings Cliff Is Cause for Concern"
http://www.thestreet.com/story/11772312/1/kass-the-earnings-cliff-is-cause-for-concern.html
Profits as a share of US GDP have a long way to fall if they are to revert to their historical average levels. Profit margins are also high, which is why there is concern about where the share price of Apple will head in the future as their products get commoditised (less differentiated).
loki
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