Richard Bernstein Earnings Quotations

Because of the lack of pricing power, earnings expectations might be too optimistic, despite the fact that they are being lowered.

Historically, S&P 500 earnings growth, on average, has been negative when the dollar has appreciated 10 percent or more in a 12-month period.

The quality of earnings is the poorest in my career.

Stocks with significant foreign exposure should help to support stocks. If the dollar continues to fall and commodity prices remain strong, then earnings are likely to be stronger than investors currently expect.

The market might reward some companies during the second half of 2004 for producing better-than-expected earnings because of the tax windfall, ... but history suggests that the market will penalize those same companies if their earnings decelerate in 2005 from 2004's tax-induced growth.