Bob Doll, BlackRock's global chief investment officer for equities, has predicted another double-digit decline for earnings this year, the largest consecutive fall since the Great Depression, yet he expects the stock market to regain ground later this year.

Reported earnings last year for public companies were down 21% and are expected to decline a further 12% in 2009, according to Doll. BlackRock is the largest publicly traded investment manager in the US.