The talk will focus on economic growth, with an eye on what it implies for profits at this stage of the business cycle. While certain parts of the global economy have seen recessions in 2012 (e.g., Japan, the U.K., the euro-area), the U.S. and China economies did not. As such, there looks to be pent-up demand in the U.S., particularly in the areas of capex and housing. State and local governments are also in better shape, and the federal budget deficit is improving. The remaining question is whether this pent-up demand translates into a sustainable expansion. That is where questions about profit growth and economic productivity come into play.