jpmorgan warnns about anz first wave, page-12

of course not and thats why the market is pricing shares as it is.
What i cant understand, if you are really an investor in shares, you should be looking at longterm average profits when deciding a buying point.
A company is a company, valuations should be made on the inherent intrinsic value of the company. Just as people become to optomistic in good times and over pay they or become to pessimistic in gloom times.

To much emphasis is placed on which company is going to 'outperform' in the next month, six months year etc.

Forget it, try to buy companies that have the ability to increase earnings over the long term and you will do fine.