This is current yield Grants interest rate observer of the air, and I am Jim Grant, and with me, as always, is the great deputy editor of grants, Evan Lorenz, and Henry French at the control panel.

And with us today is Dan Zorn, who is the chief executive

officer and the chief investment officer of a firm that does nothing except look for opportunities

in unconstrained searches for opportunities in the world, having to principally with special

situations in credit. And Dan is a man of some educational parts.

He's a Penn Fellow University of Pennsylvania, engineering student, computer science, and

got an MBA from Harvard, and he has been serving, once served on the board of trustees

of Barnard College of Club University and trustee of the University of Brookings Institution a senior trustee mind you so he is a as I say a formidable

being and Dan welcome welcome to current yield I have a question I've been dying to ask you

since your fine appearance at a March event that we sponsored concerning private equity,

a private credit, sorry.

Well, they're not unrelated.

That's true.

And here, Dan, is the money quote.

I can assure you, we quote you saying, that there is a tsunami of terrible, terrible

businesses and assets that need to be rationalized.

And the total addressable market, if you think of it this way, is bigger than it's ever been.

And growing, period, close quote.

Does this presuppose the existence of an everything bubble and with the implication there is an everything comeuppance

with the suitably immense opportunities awaiting us?

It does. It does, Jim. Ultimately, there is no doubt about the everything bubble because

QE2, starting in 2012, made it so. The question then is will there be the compents? And in what time frame

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