A very interesting article and a great primer on deflation.
I think it is largely an academic argument for the US economy right now. The Fed is appropriately focused on ensuring that we stay on the right side of the inflation/deflation line. The Fed isn’t constrained by as many competing concerns and limitations as their counterparts in Europe (which is trying to manage 28 separate economies) and Japan (which is fairly unique with its shrinking population and limited areas of competitive advantage).
So right now, no – deflation concerns are not impacting my investing outlook. But that could just be because I’m not smart enough to be appropriately weighting that issue in my calculus.