Historically, when the Fed starts to tighten, when it moves from 'accomodative' to 'neutral', you get a pretty significant correction in the overall market. That's always been a buying opportunity. The real problem comes when you move from 'neutral' to 'tight'. When the Fed starts talking about imbalances and they're trying to correct imbalances. So, you could get a correction, and there are going to be corrections along the way, but anywhere from the zero-bound right now to, call it 2-3%, is not going to be a significant drag on equities.
~Bill Miller, chairman and CIO, Legg Mason Capital Management, CNBC's Squawk Box, April 6, 2011