Earnings, they grow (and not just for Mag whatever)
Some greenshoots from the middle market, and other charts on the Almighty Consumer
earnings growth from the middle market
tech is . . . weird?
bankruptcies reach a 14-year high!
boo for discretionary and healthcare aka the Almighty Cautious Consumer is the new normal
👉👉👉Reminder to sign up for the Weekly Recap only, if daily emails is too much. Find me on twitter, for more fun. Earnings, they grow!
It’s a Friday, so we’re going to keep it short and upbeat.
Earnings growth!
So, yesterday Random Walk mused at-length about the importance of earnings growth.
It’s not really a “yesterday” observation because growing profits, and building self-sustaining businesses, has been a big deal since the free-money spigot stopped ~2+ years go.
Anyways, it turns out that it’s not just the biggest cos growing their bottom lines, but the littler ones too—the kinds of companies backed by PE.
As per Golub’s middle market index, growth proceeds apace:
Cumulatively, profits grew 9.3% yoy.
Tech led the way, and consumer reversed-course into positive territory. Strength across the board.
Breaking out the series by sector is also a mostly encouraging look:
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