This blog is part of a new series on Institutional Investor entitled Global Market Thought Leaders , a platform that provides analysis, commentary, and insight into the global markets and economy from the researchers and risk takers at premier financial institutions. Our first contributor in this new section of Institutionalinvestor.com is AllianceBernstein, who will be providing analysis and insight into equities.

If you tally up company-­by-company consensus forecasts for he Standard & Poor’s 500 index, it would suggest earnings-per-share growth for the index in aggregate in the low teens for this year and next. But Investors aren’t buying it. In their view, the sputtering economy makes....