Thanks for having me. Great to be here. Higher interest rates make it more difficult for growing companies to get the capital they need to keep growing. Long-term investors shouldn't really allow such events to turn their heads much. Stocks in the U.S. shouldn't be much affected, but the rest of the world isn't quite as insulated against Y2K concerns.
Cyclical stocks are stocks that are greatly affected by changes in the business cycle.
Such stocks include heavy industrial stocks like Caterpillar, for example. It's definitely something to be aware of. Companies whose product lines include a lot of drugs used by older people will have to deal directly with the proposed Medicare changes. The returns we've seen in the last four years are extraordinary. Basically I mean you shouldn't go into the third and fourth quarters with your eyes closed with regard to Y2K. Keep up with news on Y2K fixes and failures, and see how they directly or indirectly affect your investments.