Hi Michael,

Great article, thank you for sharing your thoughts. I think I understand what you're saying and why but I'm grappling with this statement: "a major expansion of stock prices and somewhat higher interest rates." I know why folks say lower interest rates increase the value of risky assets. Future cash flows are ascribed greater value today under low interest rate (low discount rate) environments. I think what you're saying is the opposite can also be true - higher stock prices and higher interest rates - albeit after a probable decline in equity prices. Are you suggesting that EBIT or CFO less interest charges could increase even in an increasing interest rate environment? In such an environment, would it be fair to say that companies carrying less relative to its peers will likely perform better?

Anyway, thanks again for sharing.

Rob Wilson