, Columnist
Stock Investors Bet the Analysts Are Wrong
The bulls are foolishly banking on companies finding lots of unexpected profits from somewhere. Also, more on the book club.
Stock investors refuse to see the drop in earnings estimates.
Photographer: FPG/Hulton ArchiveThis article is for subscribers only.
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As the financial media exhaustively explained last week, the U.S. bond market is projecting a lot of pessimism about the economic outlook. The yield curve is inverted, which is never a good sign. Stocks, however, seem far more optimistic.