Alternative Investment Posts
The Absurdity of Earnings Surprises - November 17, 2022
There are several reasons why 92% of fund managers have failed to keep pace with the S&P 500 return over the past 15 years according to SPIVA (S&P 500 vs Active Managers Report). One of them has to do with the misplaced focus on earnings reports. On the day of any earnings announcement, the discussion immediately turns to the ‘surprise’ - how much per share earnings beat or missed the consensus estimate first, then to using the s
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