Do you feel that stock market evaluations are artificially high?
We see extremely high valuations, extremely high, very hard to support valuations in so many of our stocks today. This is what tells us we're in great danger. The valuations are way too high and that is the fundamental problem. That's where people are fundamentally feeling uncertain. I mean, how high do you have to go before we know that something is really wrong? Well, quite high. We saw that in the last two bubbles, but eventually, we saw in the internet bubble, we saw in the housing bubble, eventually it hit a point where people started to react. People sort of could sense when we were getting near this point. In other words, you'd see in the internet bubble, people would talk near the end about how the valuations where totally out of line with earnings, revenues, it was just ridiculous. Then you see later in the housing bubble the same thing. People would say, "Hey, look at all the problems in the mortgage market, look at all the things that are going on with housing prices," and we notice as the uncertainty got greater, as the discussion got more intense, at some point it did blow in both cases and the same thing is happening now.