Welcome to Current Yield.

Grant's Interest Rate Observer of the Air.

I'm Jim Grant, and with me, as always, Evan Lorenz, the great deputy editor of grants.

Our guest today is Octavia O'Costa, about whom you'll be hearing more in just one

known. But ever, first, I have a confession. It is 11.07 a.m. Eastern time. My hair is still wet.

Now, this is, I would, you know, I would, frankly, yeah, I would confess to a error of leadership

in this regard because you're not supposed to show up in the office at 11 o'clock in the morning with your hairstone wet if you are the CEO, the founder and the editor of a certain fortnightly indispensable financial publication. But that is the case. And the only excuse I have is that we published last night. And I got it. It was a great issue of grants, I have to say. But still, I mean,

it's been more than like 12 hours. I mean, it's not as if we just published five minutes ago.

And still, I'm, I'm late. So I'm just going to get that out of the way of it. It is like the Federal

Reserve Bank of New York being leveraged 300 and something to one.

That's not exactly leading from the front.

Is it evident?

If you're in the vanguard, act like the darn leader, right?

Especially at the start of an inflationary cycle, but everything's about to get worse.

Well, worse is, yeah, that's my middle name here. No, it's not. No, we are sometimes

bearish, but we are not in the business of worse. We are optimist. Otherwise, we wouldn't

become all of us for a better part of 40 years every morning, even if sometimes our hair is wet

upon arrival. So, Octavia Costa,

host by Tavi. Tavi Costa is a member. We're going to ask him more about member capital M.

I guess that's like a partner. He belongs to something. He was portfolio manager at Crescott

Capital, which has been around since the last great bubble, 1999, and Tavi

has been with the firm since 2013. And Tavi is a native of South Paulo, Brazil, and fluid as one

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