That's one of those events related to growth that there was no party over.

We're looking at, in 30 years, what's going to be there. If you mess up, everything after that struggles.

Money that would have been available for maintenance gets pulled away. Deferred maintenance is really the result. That's not healthy in the long run.

When energy costs go up, we still get the same rate.

Add in the fact that these five negative events started when large-cap growth was at historical highs put that together with the valuations, and you can start to explain why it's done so poorly. Multiples have compressed, growth is hard to come by, and people have been averse to risk. When will large-cap growth start to work? I think the answer is when we stop having a major negative event every year.

Add in the fact that these five negative events started when large-cap growth was at historical highs ... put that together with the valuations, and you can start to explain why it's done so poorly. Multiples have compressed, growth is hard to come by, and people have been averse to risk. When will large cap growth start to work? I think the answer is when we stop having a major negative event every year.