That is causing some portfolio allocation changes because part of the capital flowing out of Europe and Japan into emerging markets is not attracted by risky assets any more.

During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.

The market is worried that the Fed might continue to raise rates for longer than what was previously expected, that rates could go above 5 percent.

With a portfolio this size, you just do the fringe things, no biotech or emerging markets, ... This is a finite pool of money that they won't add to so go plain vanilla with your investments and hopefully you'll return 8 percent a year.

Investors are more confident about Japan. There is a slight wariness about emerging-market equities.

There's a lot of capital flowing into 'information-age' companies. These are 25 companies that are leading the charge in building the bandwidth for the world economy.