I am Jim Grant. I founded Grant's interest rate observer almost, gee, almost 35 years ago.

And I am glad that you are interested enough in what we do to be listening. And I'm with the

deputy editor of Grads named Evan Lorenz. Evan. Evan, good morning.

Good morning. We thought that we would begin what we hope will be a series of podcasts by telling you

about who we are, what we do, why we do it, and how we go about doing it.

So I will begin with the archaeological material, Evan.

Thirty-odd years ago, in fact, 35 years ago, I decided what the world needed was something else to read.

Now this was a rash assumption on my part. The world seems to have more than enough.

Certainly it does. It did then. It certainly has more now.

But I thought that what the world specifically needed was a publication every two weeks that would comb through the signs

and portents of monetary policy, central banking, and interest rates, some of the most important

prices in the world of finance. And if not predict every squiggle and movement, at least help

my readers understand more than they otherwise would

the world of credit and of bonds and other interest rate sensitive securities. That was the plan.

And I thought further that we at Grants, then it was myself and my part-time secretary named Liz Holdigan. I thought that we would

highlight both the best things being done on Wall Street and also the worst. We would have long

ideas, we would have short ideas, we would have the best writing and the funniest cartoon. That was the plan.

And to some degree, I think I can say as the disinterested and the funniest cartoon. That was the plan.

And to some degree, I think I can say,

as the disinterested and purely objective proprietor of grants,

that we have achieved that.

And I know Evan, as a deputy editor of grants,

...