On the surface the economy appears to be strong, but do you see an underlying risk facing investors?
It's interesting when people talk about a strong economy and having a strong economy means that everything is going to be good for stocks and bonds and we're in great shape. Well, remember 1999, we had a very strong economy. Then in 2000, the market collapsed. In 2007, 2006, we actually had a pretty good economy. It was not bad at all. In fact, even heading into 2008, we had very low unemployment, we had low inflation, we had some growth, we were heading into recession, but it really wasn't that bad. Then the stock market collapsed. My point being is that just because you have a good economy doesn't mean that you couldn't be 12 months or 18 months from a huge collapse in the stock market. Good economies almost always precede stock market collapses. Think of '28 and '29, that's the classic, right? The '29 crash was preceded by a very good year in the economy 1928. So don't in anyway think… in any way, shape, or form, that simply having a good economy right now means that there's no possibility of a big stock market collapse in the next year. In fact, it's almost just the opposite.