Some quick macro-economic thoughts for everyone that I have been thinking about. If you take out large loans on a business you want inflation, in fact you want almost as much inflation as possible for the vast majority of businesses. Quick lesson. As inflation happens, more money is printed, and money has lower value. Think of it like this. If you bought a house for $1m and inflation doubled your house is now worth $2m. If you bought this house with an $800k mortgage, your mortgage would stay the same but instead of having $200k equity you now have $1.2m in equity. The same can be true of a business. Additionally loan payments get easier to make as the value of the dollar goes down. Inversely deflation is the opposite. You don't want this as a business buyer. Back to the house example, you don't want to buy a house for $1m and have deflation cut the value of your house down by 50%. Assuming you have $800k loan, you now have an $800k loan on a $500k asset, and the loan payments are harder to make. The good news is historically we almost always have inflation over a long time horizon. However, we could in theory have a deflationary event as interest rates rise over a short time period (sub 10 years)