Earnings season has been outstanding: 80% of S&P 500 market cap has reported, earnings growth ex-tech is 28.3%, including tech 32%. Net income margins revised up to 15.6%, sales growth 15.2% well above expectations. Profit growth across 10 of 11 sectors disproves the narrow-market narrative. Corporate management have proven exceptional, and 20x earnings is not expensive given the quality of these companies.