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$ deviation from trend -20 -15 -10 -5 0 5 10 15 20 25 Comment the chart in the context of individuals' biases. of those

$ deviation from trend -20 -15 -10 -5 0 5 10 15 20 25 Comment the chart in the context of individuals' biases. of those earning so that the chart plots deviations from trend in dollars-per-share terms. The above exhibit was constructed by de-trending operating earnings and the analyst forecasts Feb-86 Feb-87 Feb-88 Feb-89 Feb-90 Feb-91 Feb-92 Feb-93 Feb-94 Feb-95 Feb-96 Feb-97 Feb-96 Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 A Forecasts Earnings Feb-08 Feb-09

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