Inflation remains the number-one topic in the stock market. Goods scarcity is impacting every industry, and the price of everything is higher. Yet despite this, corporate earnings remain solid. Earnings grew over 50% in Q1 and over 80% in Q2; the first-quarter comp was against a COVID-impacted Q1 2020, while the second quarter compared against the economic lockdown quarter of Q2 2020. The comp for the third quarter will not be as easy as the first-half 2020 comparisons. Nonetheless, earnings released so far are up more than 30% year-over-year and companies are beating expectations by a wider-than-average margin. That bodes well for supporting an already-high stock market valuation.