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Boeckh Investment Letter

Investment and economic commentary by J.Anthony Boeckh and Robert Boeckh

How Sustainable Are Elevated Corporate Profits?

Corporate profits and margins have continued to remain high despite the difficult macro-economic environment of the past five years. In this report we examine the sustainability of elevated corporate profits. Recently, reported U.S. earnings have been mixed, with some large companies surprising on the downside due to a combination of rising costs and weaker than expected sales, giving rise to concerns that the trend of total profits may be heading lower.


In the immediate aftermath of the 2008-2009 financial crisis, companies slashed payrolls and investment. However, the anticipated worst case scenario did not materialize and sales beat expectations during the recovery. Delayed hiring and investment meant that a leaner, well-capitalized corporate sector was able to produce extraordinary results in a difficult period.

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The Boeckh Investment Letter is a comprehensive service that provides analysis of factors affecting financial markets and broad investment recommendations* within an asset allocation context.  The service includes 12 to 18 issues per year (approximately every 3 to 4 weeks), depending on market conditions, i.e., changes in views, important new developments, etc.

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The basic service includes:

  • Comprehensive asset allocation strategy and analysis (quarterly)
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