Our interest is measurement of (and insight into) the value of accurate earning forecasting. Over time, what are the typical payoffs for various levels of fundamental forecasting accuracy? Are the returns to earnings clairvoyance a quarter ahead (or a year ahead) as dramatic as 40 years ago? Do they vary depending on the market sentiment and risk appetite at a point in time? How imperfect can the future fundamental forecast be and still be worthwhile?  Read on to find out more about the answers to these questions.

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