David Friedberg

But what he's pointing out is that as a result of deflation, because it's not coming from some cost cutting or economic contraction,

What he's saying is that the deflationary forces ultimately lead to economic expansion because other parts of the economy will now grow.

So if I can suddenly cut, you know, call it 50% of my SAS budget, and I can reinvest that capital in other ways of growing my business instead of managing my expenses, all of a sudden my enterprise will grow and the economy will grow.

He also said, just as an aside, and I want to make sure I cover this so that we're really clear.

He said, the way that we've been measuring inflation is wrong.

and that he doesn't agree with the way the Fed has been measuring inflation because you can do a survey of any household and they'll tell you, my God, everything's so expensive.

So all of the indices and bullshit that are being used to calculate an inflation index is completely misrepresenting what the average American is actually feeling.

And so he wants to rethink how the Fed is addressing inflation from an interest rate perspective, but he does think that the overall kind of economic picture is one of deflationary pressure and productivity gains coming out of AI.

I don't know if you guys saw this, but the market's absolutely tanking today after the Medallia announcement came up.

By the way, Salesforce today is down 9%, 140 billion enterprise value on 15 billion of free cash flow.

This thing is trading at less than 10 times free cash flow.

It's unbelievable.

He's been buying his own stock.

Yeah, and we didn't put this on the docket, but did you guys see his kind of headless product announcement?

Did you see this?

It's actually very... It's very smart.

Yeah.

I think it's very smart.

There's ways that that business can maneuver, right?

And I think they're pretty unique.