Ladies and gentlemen, welcome to another Grant's podcast.

With me today is the great Evan Lorenz, deputy editor of Grant.

Eric Whitehead is the controls, and I am Jim Grant.

And I'm a little self-conscious today, Evan, because I just read something in the Wall Street Journal

that I was talking about how the podcast listeners are now speeding up the rate at which they listen.

Like 1x, of course, that's normal, then 1.2x.

And they find that that's intelligible.

So they go 2x, 3x, 4x, and finally they get chipmunk speed to like 5x.

So I'm thinking that by talking normally, I am inducing people and through their sheer impatience with the cadence of the thing there.

I'm inducing them to make me sound like a chipmunk.

Yeah, it's a heck of a thing.

But that's technology, you know.

Today's topic, ladies and gentlemen, is risk.

Evan, it's a big thing around here.

And what we're going to do is talk about how we see the world with respect to risk.

Preceding that, by the way, with a little definitional work about what the heck is risk.

And we're going to review some of the great and not so great grants calls with regard to risk. So, Evan, I want you to begin by

defining us for risk. I ask you because neither Eric Whitehead, the controls, nor I am a CFA. But

you are a CFA, one, two, and 3. Have you got to 4 yet?

There is no 4.

Well, that sounds kind of a fetus to me.

But anyway, tell us, what is risk?

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