The Future of Inflation

I'm fundamentally a deflationist because I think that what the world is going through is a is a Japanification. So my view is that the trend in inflation is probably downwards or it's low, but we've got a lot of volatility in that inflation rate. Now if you look at the maybe the nearer term outlook, I'm certainly wedded to the idea that inflation comes down quite fast over the next few months. And one of the things that I've always maintained is that if you're valuing, let's say equities, you don't value equities against bonds, you value equity against inflation. That's what works best in my experience. If inflation is coming down