While March was a stellar month for equity returns, caused in part by climbing oil/gas prices, April is earnings season, and analysts’ revisions to S&P earnings are starting to show less confident expectations for earnings. Actual earnings for the S&P 500 companies appear to have topped out at $113+ per share in 4th quarter 2014, while 1st quarter 2016 looks to be about $107 per share so far, with 62% of companies reporting. Aggregate Earnings’ growth across the S&P 500 appears to be about -9%, according to companies reporting so far. Even the highly regarded global consulting firm McKinsey & Company has stated this month, “the golden age of stock market returns is over,” and that economic and business drivers are shifting. None of this comes as a surprise to us at Sound Income Strategies, as we have been saying for many years that the party might be over and “wishing” for 10%+ returns will probably be in vain. We’ll continue to be pragmatic and collect our monthly income stream from sound investments. While anything is possible in the equity market, I want to show you a graph that I believe is important. When the next 2008 occurs, I think people will look back at this graph and wonder why they didn’t mention this on CNBC, Bloomberg, FOX, or other financial news outlets.