Stock gains have lapped corporate profit growth during the roaring 2019 rally, but few portfolio managers are entering the new year concerned about investor exuberance.

The S&P 500’s 29% rise for the year, on track for the best showing since 2013, stands out in part because corporate earnings have advanced this year at a modest half-a-percentage-point clip. Rising earnings are typically the most dependable fuel for sustained stock-price gains, so the sight of major indexes climbing to records while profits shuffle behind…

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