seasons almost over, 90% of s&p companies posting average earnings surprise of 5.5%. .till with us, lori calvasinae year. lori: it feels like things are slowing. expectations are getting rained in. -- reigned in. is a directe, reaction to the complaint about labor, freight, shipping, general inflationary pressures building. if you look at revenue growth expectations -- very healthy but we are starting to see them trimmed. it has been fascinating. q2 has been a fantastic positive surprise. q3 expectations are coming down. the only good news in the forward-looking picture to earnings is companies are saying -- we may have overestimated what the tax burden is. it may be lower than what we thought because we are working through the impact. david: can equities absorb a trending down? you are not saying it is a cliff. just less than what it has been. the price-to-earnings ratios have come down. they are not at sustained levels they were a year ago. lori: sustained levels look fine. 16.8 times, above average, the cap weighted index. we have seen dramatic improvement. that gives you cushion but not much o