Software is leading to much more leverage in capital efficiency. This is driving a reduction in CapEx spending in the US despite low interest rates. It's driving a reduced cost in exploration and extraction, which is in turn increasing supply for commodities and energy. We do more today with almost every conceivable good than we ever have before. More with less is the theme and it's getting much more powerful with software. IBM: $100bn, VMWare: $10bn, Docker/Containers: $1bn. All the same stuff. Our efficiency is increasing rapidly, and it's very difficult to predict with historical figures where this goes.