The Progressive Disconnect: Earnings Growth Meets Market Skepticism The recent Q2 2026 investor letter from Giverny Capital Asset Management highlighted a phenomenon in the market – a disconnect between earnings growth and share price performance.
At its center is The Progressive Corporation, a leading auto insurer in the United States whose stock has underperformed despite healthy EPS growth.
According to Giverny Capital Asset Management's analysis, nearly two thirds of the S&P 500 constituents that are lagging behind their earnings growth have underperformed by more than 10 percentage points in the first half of 2026.