CONSUELO MACK: And at this point in the economy and in the markets, are there one or two areas that you would emphasize over others that you think are going to do extremely well over the next five years, let's say?
DAVID SWENSEN: TIPS are interesting, because if the fiscal stimulus and the monetary stimulus work, it's hard to see an environment where we're not dealing with substantial inflation. If they don't work, the fiscal stimulus and the monetary stimulus, then I think you have to worry about deflationary pressures, and if you buy new-issue TIPS, you have the protection of getting your principal back, and so new-issue TIPS -- not the ones that have accredited to above par because of the passive inflationary adjustments -- new-issue TIPS are actually instruments that could help you in an inflationary environment and in a deflationary environment.
CONSUELO MACK: And not TIPS funds. You buy the new-issue TIPS because then you hold them to maturity and you get the principal back at maturity.
DAVID SWENSEN: Yeah. And to get the deflation protection, you have to keep in the new issues, because if you are in an inflationary period, the value of the principal goes up along with inflation, and then you've got something that you can lose before you get back to par.