“Good judgment comes from experience and a lot of that comes from bad judgment.” - Will Rogers, American actor, humorist, social and political commentator

The Through Line: The Q2 earnings report season is nearly complete and it’s been nothing short of a barnburner. Although the bar was set high, aggregate results (even after adjusting for a few notable onetime events) are even stronger than Q1’s record-setting numbers. Investors have been nuanced in their reactions: they harshly punished misses, softer forward guidance or unexpected revelations but rewarded companies that paid attention to margins and cash flows. This week, we deconstruct key themes, hunting for clues they could hold for the months ahead.

To read the full report, click here.