The following chart shows the 3-year moving average of corporate profits after tax with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) divided by personal consumption expenditures.
Click to enlarge.
The local peaks are shown in red.
The long-term median is shown in blue.
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. - Charles Mackay
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