A thought to Tony and Rick: I appreciate the explanations of the turmoil in the markets this month. April is usually a good month for equities, but not this year. On a more macro level, however, remember that as interest rates go up, some of the bond market money currently invested in 'pseudo-bond' stocks, such as banks, utilities and derivatives theoreof, will head back to the much-larger bond market as yields for low-risk bonds surpass somewhat-higher risk equities and preferred shares. Similarly, on a macro level, unprofitable and highly-levered companies, however successful, can expect to take a hit as their cost of debt capital grows. Nonetheless, current interest rates are still very low, by multi-decade standards.