The Importance of a Long Term Portfolio Approach

The key question that we're going to be facing really across the next 12 to 24 months is does deflation start to perhaps rear its head? And I think the thing that we've been watching, and again, that was interesting news this week, is that Chinese inflation is sitting at zero and in fact looking like pushing into deflation. So what you really have to think about when you're considering an institutional type of portfolio, and particularly large portfolios, which you cannot move in very short periods of time. You really have to sort of think about where your balance of risks are. It's hard to see in some scenarios that there isn't another inflation challenge somewhere out there, perhaps just not in the