Volatility in US corporate profits is at an all-time high now and they most-closely fit the definition of boom and bust, Richard Bernstein, CEO of Richard Bernstein Capital Management, told CNBC Monday.
Corporate profits are the most important metric to look at as an equity investor and in the US "they are booming and busting like they never have been in history," Bernstein said.
Looking all the way back to the 1930s, the amplitude between profit highs and lows is unprecedented, he added.