Beware misstated earnings, warns SG quant strategist

Yesterday we considered the bearish views of Société Générale economist Albert Edwards and the dangers facing equity investors. He made his remarks recently to a room of Hong Kong hedge fund managers; they were meant to set the stage for SG's global quant strategist, Andrew Lapthorne. Lapthorne's message didn't offer much in the way of comfort either. He says it is the nature of equity analysts to always forecast earnings growth, but this year they have become especially bullish. In …