Demographic waves tend to be just about the most predictable facet of consumption. That is, until there is a massive shock to the economic system that makes people call into question their ability to care for a new child. The birth rate has been running between +1% to +3% over the last nine years. That's big... If history is any gage, we'll be seeing the US birth rate decline starting next year. This will have close to zero impact on current results, and I fully acknowledge that the average hedgie PM would take this nugget and laugh at it given how far out it is. But if we take a company like Carter's, for example, where babywear is between 25-30% of sales, it's certainly something we can't ignore. Same holds true for Gymboree, Children's Place, and Gap (both baby Gap and Old Navy).