Ladies and gentlemen, welcome to Current Yield, Grant's interest rate observer of the air, and I am Jim Grant, and with us today, as is his customary, Eric Whitehead, who is sitting at the keypad, which also is the control panel.

And the great Eva Lorenz, the deputy editor of grants, is sitting across the table.

And to my right is Phil Grant, who writes are indispensable, almost daily grants, which you can read just for asking to read it, right?

That's right.

Yeah.

And you should do that.

We are sponsored today by Away Travel, which makes the fabulous suitcases, and by W.W. Norton and Company, a book publisher

that has the good taste in judgment to be publishing soon, like in like 10 minutes, a book about

the fellow who invented moral hazard. Actually, the book is titled Badgett the Greatest Victorian, and

I wrote it. Yeah, that book's coming out soon. So we have a guest. We are not just the three of us

or four of us sitting around talking about stuff. We have a guest. And he is Jeff Snyder,

who is the head of global research at Helambra, Alhambra investments. Hey, Jeff, isn't Alhambra like

a really big fort in Spain that is meant to signify invincibility

and protection against all dangers domestic and foreign?

Yeah, it's been there for very long time.

So it's more than just the message of standing the test of time.

So this fortress took its name from your firm, didn't it?

I think that's right.

Right.

We'll go with it.

Right.

I mean, what's the compliance department going to say?

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