Monday Macro - Corporate earnings estimates continue to slide while defaults increase

A shorter note than usual: a good week for the S&P 500 but…. Plus Greenflation stock basket outperforms but is still cheap

We’ve seen an impressive bounce in the S&P 500 over the last week. By my calculations, the S&P 500 is up 11.6% from its 12th October low of 3577. I’m not remotely surprised - first because all this talk of a pivot around inflation is grounded in SOME reality and secondly because there are plenty of bear market bouncebacks that push past 10% and even 15%…