本文强调企业盈利是推动股票估值和经济增长的关键因素。尽管地缘政治和宏观经济因素会影响市场，但公司能否盈利是其内在价值的核心。作者引用FactSet数据，预测2025年企业盈利将大幅增长，并指出相对较低的10年期国债收益率为股票估值提供了良好环境。文章进一步阐述，企业盈利不仅支撑股票市场，也是经济健康的生命线，能够带动就业和消费。同时，特朗普政府的减税政策有望进一步提振企业利润，对股市和整体经济产生积极影响。总体而言，强劲的企业盈利能力是当前市场和经济前景看好的重要支撑。

💰 **盈利是股票价值的根本驱动力**：文章核心观点在于，股票的价值最终取决于其盈利能力。投资者关注的是公司的未来收益，而盈利是衡量这一能力的关键指标。即使存在政治或经济上的不确定性，强劲的盈利表现也能支撑股票的上涨。

📈 **企业盈利预测乐观，市场前景看好**：根据FactSet的预测，2025年企业每股收益预计将大幅增长14%，达到近300美元，市盈率约为22.8倍。加上稳定且相对较低的10年期国债收益率（约4%），这些因素共同为股市提供了一个积极的投资背景，并预示着经济的强劲增长。

💼 **盈利是经济健康的生命线**：文章指出，企业盈利不仅影响股市，更是整体经济活力的体现。当大多数企业盈利时，它们更有可能增加投资、雇佣员工，从而带动收入增长和消费支出，形成积极的经济循环。反之，企业亏损则可能导致裁员和消费萎缩。

🏛️ **减税政策有望进一步提振企业利润**：特朗普政府推出的全面性减税政策被认为是直接利好企业盈利的因素。这有望降低企业的运营成本，提高利润空间，进而对股市和经济增长产生积极的连锁反应。

Businesses are making good money. And that's the strong currency behind their rising valuation.

I know that experts always talk about various political or economic factors, like the China trade, or what the Fed's gonna do, peace in the Middle East, or why might New York City elect a communist mayor. I'm not sayin' these things don't matter. And in most cases, President Trump is carving out success after success. So it's a good backdrop for stocks. Fundamentally, the stock is only worth what someone will pay for it, and the overall market with millions of investors using their wisdom and information, want to know if a company has a good future.

So let me repeat my age-old mantra: profits are the mothers milk of stocks. By the way, the outlook for profits, according to the FactSet is pretty spiffy. Future earnings for 2025, nearly $300 per share, that's a 14% increase for the year. And a multiple of 22.8 times earnings. 

The 10-year treasury, which is a reasonable discount rate to capitalize corporate profits into their future value, well that's been steady at around 4%. Relatively low. But again, I wanna emphasize the very basic idea that successful companies have to make money. And if they do, then investors will buy their shares. And in the aggregate, that determines the value of indexes like the Dow Jones, or the S&P 500, or the tech-heavy Nasdaq.

Here's another point: profits are also the lifeblood of the economy. You're not gonna have a strong economy if the majority of businesses are losing money, which would then force them to lay off workers, which then depresses income and consumer spending.

But supply-siders know you need to begin the forecasts by looking at the health of the business. Right now the booming stock market that is giving a tremendous boost to confidence in our nations profitable businesses. Well, that booming market is predicting a strong economy next year and beyond.

In fact, already this year, the second and third quarters may be rising at close to 4%, according to the Atlanta Fed's GDPNow. So, roaring stocks suggest that this can continue.

And you know what else? Mr. Trump's one, big, beautiful bill cuts taxes for businesses across the board. And that's gonna improve profits. And that's good for stocks and the economy.