The chart of the week examines earnings revisions by S&P 500 companies since 2020. Nearly 50% of companies have lowered their earnings estimates, which is understandable given the current economic uncertainty. A key element of the investment puzzle is how to value companies, in this case all the firms in the S&P 500. Even if prices remain unchanged, if expected earnings continue to decline, companies will increasingly appear more expensive from a valuation perspective. Achieving clearer expectations for future earnings will require time, and prices will fluctuate as these expectations evolve. Until some of this uncertainty is behind us, continued volatility should be expected.