It really isn't a beauty contest between big-cap and small-cap stocks that the small caps eventually win,

Small-cap stocks have continued to do well relative to large caps and higher valuations result in fewer compelling investment opportunities. Although the first increase did slow cash flows, we believe that further inflow reductions are appropriate. We may need to reinvest dollars from some winners into stocks we think are more attractive. Reduced inflows will create more flexibility to do that.

There's this almost universal sense that we're in this big cap-ex spending cycle and the big stocks should be moving on that, but they haven't been.

We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.

Wall Street has come pretty close to being an around-the-clock enterprise anyway.

There is a predisposition to sell first and ask questions later.