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Gary Shilling's book "The Age of Deleveraging"

Subtitle: Investment Strategies for a Decade of Slow Growth and Deflation

Talking points:

* We're in a different environment and are not going back to the salad days 80s and 90s.

* Consumers are reversing 25 years of borrowing and spending...

* The labor market is becoming more demanding. Dead weight is being jettisoned aggressively.

* Deflationary expectations...when everybody waits for lower prices, excess capacity expands.

* Consumers will revolt against price passthroughs and producers will have to find ways to lower cost.

* Dividends are coming back in favor.