It's certainly not a nonevent. But for us, it really isn't a crucial event. Fed policy matters, but it will take a long time, in our view, before earnings really improve.

I think we are slowing down much faster than anyone anticipated.

Saying that stocks are cheap relative to an asset class that itself is really expensive -- that's a fragile comfort. To me the risk profile of the market in some ways is even higher than back in 1999. Back then people were buying because there was tremendous enthusiasm for stocks. Now they're buying them because they're turned off by the alternatives.

Higher bond yields would put downward pressure on the markets.

I think the key in the market is technology, because what has been giving us this extraordinary earnings growth is spectacular earnings growth from a lot of tech companies. They are telling us the second half is going to be slower. So I think the broader market earnings trend is going to be not sharply down, but trending down.

As far as the club is concerned, this issue is behind us and we're eagerly awaiting Sunday's game. He will train all week and we expect him to be available for Sunday.