Everybody needs money. That's why they call it money.

From full global headquarters, this is Motley Full Money.

Welcome to Motley Full Money. Thanks for being here.

I'm your host, Chris Hellen, joining me in studio this week for Motley Full Inside Value Joe Mager

from Motley Full Income Investor, James Early and from Million Dollar Portfolio,

Ron Gross, gentlemen. Good to see you. Good to see you, Chris.

We have got, it's earning season. We've got earnings from Microsoft, McDonald's, Morgan Stanley,

and that's just the M's. We've got Carl Kintanilla from CNBC talking about his new documentary on Costco,

and as always, we've got a few stocks on our radar, but we will begin with the big macro.

Since we're deep into earning season, it's an earnings-themed big macro this week.

A snack from our own Ron Gross of the 103 S&P 500 companies that have reported earnings

as of Thursday morning, 82% of them have beaten Wall Street expectations for context.

The last quarter of that number was just 59%. Ron, I'll start with you. What does that say to you?

Well, in fairness, that was stolen from the Wall Street Journal. I don't want to claim credit for that.

But what does it say to me? It says that analysts had ratcheted down their expectations on purpose.

They were being conservative, and companies are exceeding those expectations, which is good.

It's better than the alternative, but it doesn't speak to even whether profits are up or down, revenues are up or down.

It's just about expectations. We need to look at companies individually one at a time to figure out what's going on.

James, and the question I think investors are asking is, what does this mean about pricing?

I mean, the earnings are good. No doubt about that. But we are basically smack dab at the market average

on a trailing 12 month price earnings basis. But if you look at an average of the last 10 years,

which a lot of people do to smooth out sick locality earnings, we're on the pricey side, more expensive than most times.

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