Thank you so much for this very thought-provoking link. I had not heard of Richard Koo before this. I know little about Japan's situation other than the common stereotype of the "lost decades". I found it challenging but interesting to think of their experience as at least a partial success story. Koo mentioned that even if Japan had done everything right by his lights, deleveraging would still have taken 8 to 10 years. Danielle, you have been a voice of reason in seeing the secular bear downturn since 2000 as part of the normal business cycle, and not the end of civilization. As the crisis has unfolded, does it seem to you that this is indeed a different kind of recession than others in your lifetime? Does Koo's idea of a "balance sheet recession" resembling the Depression of the 1930s make sense with what you are seeing? If so, does this affect your model or your investing rules?