Webinar Highlights: Inflation

You have one question, Michael, since you hit it. Charles asks, Do you see a ramping up of inflation? If so, you know, how do we respond? Yeah, I mean, I certainly think it's possible given some of the reasons I laid out, and over the longer term, any fiat currency that can be infinitely printed, I think, will be a cause for inflation. But as far as a sizable ramp up in the short term, inflation is notoriously difficult to predict. I think the important part is that the potential is there. And so how are you positioned? Do you own the type of assets that will be resilient in that sort of environment? And there's a lot of them there. We can go down the laundry list. I mentioned Vici, which has leases tied to inflation. We talked about gold a bit. I think one thing we didn't really touch on directly, we actually kind of mentioned it in the characteristics of those world-class companies when we talked about profit margin. But one of the hints that kind of gives you when you find a company that has great margins is those tend to be companies with excellent pricing power. And so we also look for those in an inflationary environment. And that just simply means that they can raise their prices without losing a lot of demand. So those are the type of companies that we're looking for, which if we do have a ramp up inflation, I think, Austin, let me know if you disagree. But I think whether inflation is 1%, 2%, 3% or more, it's almost assuredly going to be a factor over time. There'll be spikes along the way as far as how extreme it is. But we certainly think that fiat currency will continue to lose purchasing power over the long run.