Fred Voetsch writes on Seeking Alpha that some media outlets, such as CNBC and Bloomberg News, are reporting operating earnings when reported earnings is a more accurate number.
“Bloomberg takes this same approach, reporting the P/E ratio of the S&P 500 as 14 or 15 when in fact it is well over 100.”
Later, he concludes, “In my opinion, CNBC and Bloomberg are shilling the market and the consequences have been, and will be, devastating as the stock market finds a way to return to a reasonable value regardless of what Bloomberg and CNBC can convince the public of. By the way, none of this could happen without the public accepting it. But I also blame you if you don’t do the research that any investor should be doing. In the past decade and over the coming years, you, if you are one of those accepting such obviously bad data, have and will get burned again and again and each time it happens I suggest you look in the mirror when you are looking for someone to blame.”
Read more here.
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For CNBC this is unremarkable news, but it also doesn't surprise me about Bloomberg. I know people there who say they have a culture of bullish bias.