Figuring out which companies are going to benefit from that gets to be a little tricky, but certainly having some representation in a portfolio in the blue-chip infrastructure providers is a good thing to do. For those types of stocks, I'd be willing to overpay. You told us nearly two years ago that in the new era of global competition that has followed the end of the Cold War, deflation would be a bigger danger than inflation. Inflation is awfully close to zero in most industrial economies these days. Competition is really the old paradigm that's become very relevant here.
People call it a new paradigm.
It's not really. It's just an old paradigm called competition. Competition kills inflation, forces companies to figure out ways to cut their costs, increase their productivity so that they can cut prices to benefit consumers and sell more units that way. Technology is inherently deflationary. Prices are always falling there.