Investors, ... ...say that when interest rates go up, avoid the financial stocks. Last year, interest rates went up a lot, both the short-end and the long-end. [But] in fact, financial companies reported very good earnings. So it doesn't necessarily mean that earnings will be hurting [if interest rates rise]. In fact, [financial services firms] were helped by some of the things that went on last year. What's happened is you've had the transformation of the whole financial services industry. Merrill Lynch Ê( MER : Research , Estimates ) is now a bank; they announced today they're going into the insured deposit business. They're an Internet company as well. They're no longer just an interest-rate sensitive company. Michael Holland