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The Cost Horizon of Consumers
The big macro change is that the price of everything is going up. How are consumers reacting to that? Well, let me address this question about cost horizon across the board. We've seen inflation in asset prices that's from more than a decade. Now, conversely though, if you looked at TVs, toys, computer software, cell phone services, even clothing, there's been an incredible deflationary pressure for quite some time.