The Triumph of the Stupidly Optimistic

Finally, McKinsey Quarterly research that proves my speculation about sell-side analysts. More good work by Paul Kedrosky:

How many jobs are there where being wrongly optimistic for ages gets you promoted? I offer you … equity analysts, who have, on average, overestimated S&P 500 earnings by 2x for a generation.

[via HBR/McKinsey]