"Think how weird profit margins are: We’ve got high unemployment and financial crises – and world record profit margins. People think the American market is very cheap. We don’t. The market quite incorrectly gives full credit to today’s earnings."
- Jeremy GranthamRenowned economist and investor Jeremy Grantham has frequently pointed out odd trends in company profits that don't seem to relate to the overall state of the economy. Consider earnings as water flowing through a broken pipe. Even if the pipe is broken and leaking in other places, some parts of it c…