If oil stays around $60, it shouldn't stop the S&P 500 from climbing, considering the strength of the economy. Companies have gotten better at controlling their costs when faced with high oil prices.

It's an industry with strong growth. We thought that rising raw-material costs would reduce corporate investment in technology, but that didn't happen. Growth and investment are there.

Now everything depends on economic data. I don't see the market declining. Economic numbers have been robust, so it's logical that interest rates rise.

We are very bullish on the industry.

In the big oil shocks that really damaged the economy, the tax on the consumer was many times more than that, but that alone wasn't enough. You also had to have people worrying that prices were going higher forever.

Oil prices are effectively a tax and we want a low-tax global economy. I am happier with lower prices, even if the profits of oil companies come down.