Hey, welcome to Current Yield. This is Jim Grant on behalf of Grant's Interest Rate Observer of the Air, with me, as always, the great deputy editor of grants, Ever Lorenz. And with us today as well, Dean Pernut, who is the chief cook and bottle washer, the progenitor, the CEO, and for all I know, the king of macro risk advisors.

Dean helps his clients anticipate risk, imaginatively do something about it, hedge it, conquer it, and sometimes beat it to a pult.

And we are going to talk today about many facets of risk and what one might do to protect

oneself and indeed profit from it. So, Evan, welcome to you. And Evan is speaking to us from the borough of Brooklyn.

Is it Evan?

I've lost track where you are these days.

It is indeed Brooklyn, just around the corner from the Barclay Center.

Ah.

And, Dean, just to get us geographically situated, where are you?

Not here.

I can see that.

I am touching base with you, and thanks for

having me on from Rye, New York today. Ah, Rye. All right. So this podcast, ladies and

gentlemen, is coming to you from 233 Broadway, which is the World Headquarters of the Grand Central

Trade Observer. But we are in the modern way.

We are not so 2019 as to insist that we all be in person.

We are apart yet together.

So, Dean, you raise a very interesting point in one of your comments that I just

take a look at it, which is you quote John Burbank, a guy who

invests well and also thinks interesting thoughts about investing as he is making money.

And John Burbank is want to say, what if, quote, what if price is a liar?

What does that particular phrase mean to you these days when so many prices seem to be so extreme?

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