In response to the comment below ("Using one stock is really nonsensical"), Brian clearly hasn't heard of value investing :) It's perfectly possible to make a great return from a company with declining earnings, if you buy at the right price. Conversely, a company with growing earnings can be a horrible investment if you overpay.

But don't take my word for it : check out MorningStar's article, "You Might Think Industry Growth Drives Stock Returns. Here’s Why You’d Be Wrong". At the foot of the article is this takeaway : "Faster growth in earnings or GDP does not forecast higher returns as markets already incorporate the faster growth into expectations/valuations"