Welcome to Grant's interest rate observer of the air.

I'm Jim Grant, and with me is the usual cast of characters, plus one.

I'll get around to the plus one, our most welcome guest in just a second.

I think I would say sitting to my left, but I'm not actually here.

I am in a remote location that for reasons of security really can't be exposed just now.

But sitting to my left is Eric Whitehead, the controls opposite him.

Phil Grant, the editor of the indispensable almost daily grants, your daily companion to the financial markets.

Yours from the asking, by the way.

And next to Phil is Evan Lorenz, the great Evan Lorenz, Deputy Editor of Grant.

And our guest today is John Boyer, who is an independent thinker with an emphasis on patience.

We're going to talk about patience in just a moment.

And by the way, you can just wait a little bit for the discussion

of patients, right? Nobody needs to be in a hurry. There's no rush. No. And John is, well, he has

something in common with the editor of grants. He is married to a medical doctor, which is, I think,

a great thing in life. He is a recovering lawyer. He was a lawyer, but now he has joined the elite of the

intellectual world, a financial analyst and portfolio manager and portfolio. I don't know,

John, are you a portfolio supervisor, manager? Manager, you know, Jack of all trades.

Okay. Cornel Man as well. Let's see. I think the way to begin is first of all to thank a couple of our sponsors and then we'll get back to them in just a moment.

ZipRecruiter is one, the sated zip recruiter and the financial careers of the second.

Equally sated, we'll be talking about them in the fullness of time.

Hey, John, tell us a little bit about your approach to things. If you could

give us the Cliff Notes version of how you approach an equity market that is very heavily

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