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...!
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all done with 6% YoY top-line growth (which by itself is somewhat incredible given its triple GDP growth expectations for the year)...
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and at the same time it appears pretty clear that EBIT Margins have rolled over...
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Meanwhile, BTFD.
Charts: Goldman Sachs