I'm short the bubbly unprofitable stuff trading at large multiples of revenue as rates may continue to run a bit more. A deflationary shock is probably coming at some point in the next year. Whether that is Fed precipitated or an exogenous event is anyone's guess. Inflationary pressures are starting to erode margins in the U.S., the sugar high from all the intervention is wearing off, and the economic situation in China is probably worse than we know, given the power issues and growing number of RE developer defaults and yields on Chinese bonds generally. Meanwhile the markets continue to be priced for absolute perfection. Something's gotta give.