Just a few days before the Federal Reserve raised short-term interest rates, money manager Karen L. Finkel of PaineWebber Inc. calmly adjusted the paperwork in front of her.

"I am not really concerned if interest rates are raised," said Ms. Finkel, portfolio manager for the PaineWebber Financial Services Fund. "I have the luxury to invest based on trends, which are independent of interest rate fluctuations, economic growth, and inflation."

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