Katie Martin

This is the start of the fight back against a very wiggly, wriggly Robert Armstrong.

Sit still Armstrong!

We digress.

Rob, tell me, what the hell?

What the hell?

Like, earnings season is just like... I've never... It's cray cray.

Yeah.

But just a little bit more on the scale of this thing.

So as you say, mid 20s percent in the first quarter year on year.

That's like a lot of earnings growth.

It puts us at roughly a four year high.

And one of the weird things about that is that sometimes you see these explosions in corporate earnings growth when you're coming out of a recession or you're coming out of some sort of shock.

So like COVID is over and the global economy reopens and hey, corporate America does incredibly well by comparison with the previous quarter or so.

by comparison with the previous year.

Now it's just like... We're not in a recovery.

weirdly, it goes pretty much 100% of the way towards justifying the dizzy heights in US stock markets at the moment.

So we've talked about this on the pod before, but it is like double weird that you have stock markets like cranking higher, but without what we call multiples going higher.

So investors aren't paying more

for the same stuff.

They're just tracking earnings.