my favorite Quarterly Guide Coming out of JPM, this is an interesting read through.

The chart at the top is a perfect example of a simple data point that can be incredibly instructive when presented properly: Sources of Earnings Growth for S&P 500 Companies.

Not only is revenue up a record 70% in 2021, but all sources are positive: share count (-0.6% vs. 0.3% on average), revenue growth (19% vs. 3% on average), but the vast majority of growth From margin returns (51.8% vs. 2.8% average).

Think back to all that has been said about the market in 2020 and 2021. Most of them have been proven wrong.

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I’ll post more favorites after the jump. . .

Annual returns and year-to-year declines

S&P 500 Valuation Metrics

long-term drivers of economic growth