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title: | John Genco, CFA
---

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## John Genco, CFA

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## [Don’t Always Believe What You Read](http://1782947.hs-sites.com/dont-always-believe-what-you-read)

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## [Don’t Always Believe What You Read](http://1782947.hs-sites.com/dont-always-believe-what-you-read)

November 2, 2017

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Pundits have spoken at length about how so much of the recovery of the financial markets has been based on aspects other than earnings, such as multiple expansion and buybacks. That does not tell the whole story. Since the second quarter of 2009, 69% of the change in the S&P 500 has been due to higher earnings, whereas only 31% of the change has been due to factors like multiple expansion and buybacks.¹

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