This has been one of the best earnings seasons in years: ~63% of the S&P 500 companies have beat earnings expectations by at least 1 standard deviation, the highest percentage in 4 years. Excluding the post-pandemic recovery, this marks the best quarter in at least 25 years. By comparison, the long-term average has been 48%. At the same time, just 10% of firms have missed estimates by at least 1 standard deviation, the lowest share in a year and below the long-term average of 13%. Earnings momentum is exceptionally strong.(The Kobeissi Letter)