Corporate Profits have been outpacing as a % of Real GDP thanks to excessive deficits, ZIRP and QE for at least 2 decades. This massive run has not been without its corrections. Once in 2008 to 2009 and once in 2014 to 2016. One led to a severe recession when CP dropped 63% the other a sideway market in SP500 with market drawdown of nearly 20%.
We are about to go through one of those corrections and markets are already collapsing before corporate profits even begin to show weakness. This is cause for great concern.