Stock market prognosticators nailed the earnings outlook but missed the mark on prices by a wide margin

At the start of the year, analysts were expecting about $221 a share in S&P 500 adjusted earnings in 2022, companies will probably end the year within 1% to 2% of that, for what may be the most accurate consensus forecast since 2014.

Unfortunately, equity markets are more than just a bet on earnings, and strategists got the other parts woefully wrong this year. 

In December of last year, the average estimate was for the index to end 2022 at around 4,950, and at 3,821.62 as of Tuesday’s close, it’s 23% below that level.

Jonathan Levin Bloomberg 21 december 2022

https://www.bloomberg.com/opinion/articles/2022-12-21/the-year-in-stocks-wall-street-got-2022-half-right-the-other-half-still-hurt

Wall Street’s Top Stars Got Blindsided by 2022 Market Collapse

https://englundmacro.blogspot.com/2022/12/wall-streets-top-stars-got-blindsided.html