Hi Jeff, long time fan and appreciate your commitment to pushing out high quality signal.

Your work really got me thinking about that even with "price stablity" you're only robbing the gains that we would have acquired via deflation and represented in our purchasing power, which really blew my mind

Anyway I was wondering if you've thought about what investing would be like in a deflationary world, would it still be risk on? Lets say you're getting your 1 or half a percent deflation, it would still encourage people who want to outpace it to take risk, but will it be the same VC culture or would it go back to people using their savings to invest in themselves and we see more small businesses meeting local demand vs scaling startups to try and capture entire TAMS