There are a lot of different things going on than there was ... People talk about a bubble in housing, but I think there is a lot more bubbleness in oil prices.

There is no message out there that rates are biting enough to shut anything down.

Commodity prices are rising, quite dramatically for copper, tin and steel scrap. That would not happen if there was an expectation of a slowdown.

This was not a year for macro-sector bets -- whoever bet on sectors, or indexes other than energy, got extremely frustrated. This was the year of individual stocks.

What little earnings reports we have had have been a little bit more disappointing than outperforming.

Business has tons and tons of capability to spend. The longer the recovery keeps going and stock prices go up, the more and more confident business is going to become, and the more it will spend on its operations.