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From Credit Suisse’s Hasan Tevfik via the AFR:
“The defining feature of the Aussie equity market over the last two years has been the profits recession,” Credit Suisse equity strategist Hasan Tevfik said, the fifth of its kind since 1980.
Much of the 13 per cent fall in earnings per share during the recession was due to resources stocks weathering the worst of the mining downturn and the nadir of commodity prices in January.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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