Let's get down to the heart of the matter: investors are waiting around to see earnings estimates drop. I don't care about some junior analyst caught like deer in headlights with their young unprofitable firm - unable to revise revenue. I'm talking about the whole market.

Sure, we have built in slower growth since last year going into 2023, but there hasn't been a massive shift down in expectations. Is everyone on vacation? Maybe. But you also have to consider 2 trillion in government stimulus, strong balance sheets with cheap debt, and a US consumer that despite high gas prices isn't going through an energy crisis like Europe.

Earning revisions are important since this market won't move forward until peak inflation is behind us or the Fed signals a policy change. I make some comments about what I hate - young unprofitable firms that may not come back - and what I like, bit cheap firms that have a future and can make both cash flow and profits.

Then Dagen tells a story about money losing Casper and her experience. Another example of firms that can't hit the market even in good time. The Millennial corporate subsidy of money losing firms is coming to a close.