9. As far as CAs are concerned, many of them are investment/fund/asset/private equity managers and are dependent on the stock market for their income. When the market goes up, they make money. When the market goes down, they still make money, though not as much. They don’t lose money when the stock market falls, like normal investors do. Hence, it is in their interest to keep saying that the stock market is going to go up, even when earnings aren’t really looking up. Which is precisely what seems to be the intention of this letter as well. In fact, on a separate note, one could write a book on the number of stock market forecasts that CAs have got wrong.