As AGM season plays out, confidence (or pessimism) grows that Australian profits will fall for the third straight financial year.
That shouldn’t be good for the ASX’s share prices. Yet here we are, the S&P/ASX200 back at 8300 points and within a whisker of another record high, completely detached from what the textbooks (and history) say should happen to share prices.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
