As of May 2011, profit margins were cyclically high, near historical highs, and already at unsustainable levels, with projected further increases over the next two years. Beware. Rather than rehash old ground, this article provides a speed-round of charts and limited commentary to explain conditions as of 2011 and the expectation for an earnings decline within the next few years. For the full explanation of the concepts relating to this article, please see “Beyond The Horizon: The EPS Cycle” and “Back To The Horizon: EPS Cycles Again,” immediately below. Once again, since the fundamental principles of the business cycle cause history to repeat itself, a decline in EPS should not be beyond your horizon!