Our work, when we look out over the next five years, indicates to us that returns from fixed-income investments should be materially better than from U.S. stocks.

The Fed is going to continue to tighten and what that's going to affect the most is the cyclical (stocks).

Stocks are going to be under some pressure over the next six to nine months. Revenue growth is very modest, and that's going to dampen profit margins, as will the currency translation with the stronger dollar.