Well, welcome, ladies and gentlemen to Grant's interest rate observer radio.

I am here this morning.

It's still morning.

I think, yes, it's still morning.

I'm here with Eric Whitehead Controls.

He is our sound engineer and the great Evan Lorenz analyst par excellence is sitting

directly across from my cluttered desk.

Good morning, Evan.

Good morning, Eric.

And good morning, ladies and gentlemen.

I am Jim Grant.

We are here today to, I think we'll talk about risk, Evan, in its many interesting forms.

And we are going to see what we can do to clarify things and maybe think of an investment idea or two.

I don't know.

It depends what turns up.

But first, a word from our sponsor who happens to be me.

Now, there is no bad time to subscribe to Grant's interest rate observer.

That is for sure.

But now just might be the best time. Now when markets are making

highs and volatility is plumbing lows and the SEC staff in its wisdom as waved through the first

quadruple leveraged ETF. We at grants are the yes but people. We are skeptics, doubters, first

guessers, whether it's a macroeconomic theory,

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