Hey, this is Current Yield Grants Interest Rate Observer of the Air, and I am Jim Grant,

and Evan Lorenz, the great deputy editor of Grants, is to my left, and Henry French.

Our sound engineer is directly across the room. And as you can see,

ladies and gentlemen, we are broadcasting from the storage room and library and utility rec room

of grants, Interest Rate Observer in New York. And we have a guest today. This is our want. And he is

Adam Simmons. And we'll be more from and about Adam in just a moment.

I can say you, and by way of preview, that Evan Lorenz, who was no mean judge of

knowledgeable financial people, counts Adam, is about the most knowledgeable and,

and I don't know,

and fluent counterparty, not counterparty, interlocutor,

with whom he's ever spoken.

I think that's the, like the best, right?

There's people who speak finance and there's people who speak English,

but there's not many people who speak both languages,

and I think Adam does a good job of that.

Well, we'll find out for ourselves, won't we, Adam, just a few minutes.

In the meantime, I wanted to tell, before we get into merely terrestrial things, by the way,

this is, we published an issue of grants last night.

So this is Wednesday, and I'm speaking for myself only, but for me, the day after the publication date is like December 26 of the North

Pole. I am a zombie. I succeed mostly in sitting upright with my eyes open. Do you think I ever

catch me nodding off on Wednesday after we close? It's hard to savor my seventh cup of coffee.

Yeah. But, you know, I and and also the Wednesday after the Tuesday, is given over to some degree

...