We have discussed various incarnations of market-reality separation from underlying-reality but none had quite the unbelievability of the following chart of earnings-growth expectations currently foreseen by the consensus of linear-extrapolaters and hockey-stickers known as the sell-side. Behold - hope, defined...
2013 Consensus earnings growth is +27% YoY...!
all done with 6% YoY top-line growth (which by itself is somewhat incredible given its triple GDP growth expectations for the year)...
and at the same time it appears pretty clear that EBIT Margins have rolled over...
Meanwhile, BTFD.
Charts: Goldman Sachs