Well, this is current Eild Grant's interest rate observer of the air, and this crackly voice

belongs to Jim Grant, and I welcome you on behalf of the great deputy editor of Grant's

Evan Lorenz and our indispensable sound engineer, Henry French, and

today we have with us the Convexity Maven, as he has known, far and wide on Wall Street,

that's Harley S. Bassman, whose California license plate reads, C N, V, X, T, Y. And we'll hear all

about convexity. We'll hear all about life not being a dress rehearsal.

We will hear that sizing is much more important than price ordinarily. And we will hear that

it may not be a coincidence that when financial markets implode, short convexity can be found

lurking near the scene of the crime. All that's to come in just one moment.

Evan Lorenz, what do you make?

You know, we had the most strangest occurrence here in our neighborhood yesterday,

and we did not hear the bang, but we did hear about a half an hour's worth of sirens.

It turns out that a garage built to house the Model T buckled under the weight of like Harley's car, cars like that.

Yeah, it's just not up to the Ford F-150s and SUVs that we drive around today.

Well, we shouldn't laugh.

It involved a fatality.

It was a tragic thing, but it was so strange.

Every single siren on the East Coast seemed to be converging.

We were in the middle of closing an issue of grants, and as usual, everyone was...

I at least, I can speak for myself, I invariably have a terrible case of stage fright and angst on deadline days.

It's never going to be good enough for the readers of grants, never going to be, you know, et cetera, et cetera.

So I was not really listening for the sirens, but they would not not be listened to.

...