Nice earnings forecasts you have. Shame if something happened to them

Greetings from Asia where I currently am on a business trip. I wanted to let you know that my latest piece on Reuters is out this morning where I push back on the latest narrative of the AI bulls. After I released my year-end 2027 index target for the S&P 500 of 5,000 points (down 35% from here, in case you are wondering), I got a lot of interview requests and Goldman the next day published a strategy note saying that if you look at future earnings growth, the capex and valuations don’t look bad at all.

Yeah, about those earnings forecasts, I think my title says it all, but you should definitely read the whole thing if you have access to Reuters (paywall, sorry).

Nice earnings forecasts you have. Shame if something happened to them

LONDON, Oct 26 (Reuters) - The bull case for equities rests on sky-high earnings forecasts. History suggests forecasts typically fail most spectacularly when markets are priced for exceptional future profit growth. That’s exactly where we are right now.

Read the full piece here: https://www.reuters.com/commentary/reuters-open-interest/nice-earnings-forecasts-you-have-shame-if-something-happened-them-joachim-2026-10-26/