The Importance of Life's Short Term Trends

John Saccotta: We tend to over extrapolate on trends, right? But I think if we take a step back and look at a long-term trend, in general, we can see a pattern that is a lot easier to discern. The industry just keeps moving more towards digital fulfillment and less towards physical stores. E-commerce penetration is still globally 20 to 25%. In spite of the fact that we've added a trillion dollars of net new spend just in 18 months,. It's not a whole lot of multi-trillion dollar net new markets that are up for grabs.