Apparently my thesis is pretty similar to Bob Doll's (from BlackRock) thesis. (see video) Great minds think alike ;) jk
He sums up a lot of the points, and mentions deflation as his biggest concern to change his thesis. I stated the same in previous 'market thought' posts, deflation was my concern as well. The method I am assessing it, so that I adjust my thesis and portfolio, is if we get a severe breakdown in the 10yr treasury from the 3.0-3.1% levels.
Since a 'really-big' big-boy highlights the same concern, it re-enforces me that I am following the correct market indicator for my thesis.
The fact that the 10yr bounced off nicely from the 3.2 level was encouraging.