Rails Caching and Slightly Dynamic Content

Suppose that generating the home page of your application is very expensive. The content on the page is the same for every user (whether authenticated or not) except for the top right hand corner of the page.

If the user is not authenticated, the top right-hand corner of the page displays a "Login" link.

If the user is authenticated, the top right-hand corner of the page displays "Hello, USER_NAME" and a "Logout" link.

What caching strategy would you employ in this situation?