Higher bond yields would put downward pressure on the markets.

It's certainly not a nonevent. But for us, it really isn't a crucial event. Fed policy matters, but it will take a long time, in our view, before earnings really improve.

I think we are slowing down much faster than anyone anticipated.

Saying that stocks are cheap relative to an asset class that itself is really expensive -- that's a fragile comfort. To me the risk profile of the market in some ways is even higher than back in 1999. Back then people were buying because there was tremendous enthusiasm for stocks. Now they're buying them because they're turned off by the alternatives.

The market's grappling with earnings slowing down.

Realistically, if it eliminates a degree of risk about the future, that's good news.