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Rich Bernstein,
chief quantitative strategist at Merrill Lynch. "But in terms of growth, we
are basically in a profits recession and that recession is going to deepen.
What does that mean? I would say the most important thing it means is you
stop paying attention to operating profits and start looking at reported
profits."

Bernstein contends that many companies will be reporting "one-time" charges
that should be viewed somewhat suspiciously.
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