Goldman Quietly Admits Half The S&P's "Record" Earnings Growth Is Just Big Tech Marking Up Its Own Stock Portfolio

There is a number buried in a Goldman Sachs sales-and-trading note this week that the financial press will not put on a chyron, because it is inconvenient in the way that only the truth is inconvenient.

Here it is, verbatim, from the desk of Goldman's Ioannis Blekos (full note available here for pro subs):

The froth is not subtle