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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

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