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An employee of the Korea Exchange Bank counts money next to stacks of one hundred U.S. dollar banknotes at the bank's headquarters in Seoul, August 11, 2011.
An employee of the Korea Exchange Bank counts money next to stacks of one hundred U.S. dollar banknotes at the bank's headquarters in Seoul, August 11, 2011.
(Jo Yong-Hak/Reuters)

SCOTT BARLOW

Cash flow reveals the truth: The S&P 500 is flush

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

Cash flow analysis has distinct advantages to investors, because it strips out some of the more nefarious forms of accounting manipulation in reported earnings per share. And right now, it also paints a rosy picture for investors in the S&P 500.