McCulley: It's going to take some time for people to sober up on their expectations. It's just another symptom of post-bubble disorder. People, in general, don't want to believe it was a bubble because, if you believe it was a bubble, then that has implications for whether or not you will ever get back the money that you lost. So I think there is a pretty broad path of denial that's going on right now. And I think only time really changes that, and I think it will take a bit of time, because I would anticipate that we probably will have an exploitable, tradable rally in stocks some time in the next few months. We're not going into Armageddon. The equity market is down in bear market territory, short-term sentiment had gotten very oversold. So I think you probably have an exploitable bounce in the equity arena that will keep people in denial.
So from a trading perspective, I'm not all that terribly negative of stocks. From an investment perspective, however, and I think that's the issue that you are putting on the table, I think stocks are going to severely disappoint over the next three, five and 10 years. The equity risk premium is incredibly skinny, so the total return to be made by a contraction in the equity risk premium was a one-time event that has been completed. We've doubled corporate profits as a share of GDP over the last decade or so. We're not going to do that again. In fact, I think it will be difficult for profit share of GDP to hold its own. The secular bull market is over.
Simonoff: Many people think so. In a few years, we'll know if you're right. Thank you all.