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When earnings growth is scarce, expect to pay dearly for it Add to ...

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Ten companies are generating 90 per cent of the S&P 500’s earnings growth, highlighting the most important trend for investors today – earnings scarcity.

As the global economy slows down, the number of companies with positive earnings growth is shrinking. It’s not a surprise, therefore, that in this environment, 10 mature large-cap companies – Western Digital, General Electric, Citigroup, IBM, JP Morgan, Wells Fargo, Goldman Sachs, AIG, Bank of America and Apple – account for 88 per cent of S&P 500 earnings growth in 2012 (according to Morgan Stanley Research).

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