Well, this is Current Yield, the Grant's Interest Rate Observer of the Air, and welcome, ladies and gentlemen.

It's a pleasure to be here, as always. I am Jim Grant, by the way, and with us today is Michelle Leder,

who is the first word and the last word in the fine print that, according to authorities at Harvard

University, you no longer have to read. I'm paraphrasing, and we'll get around to this Harvard

Business Review story at a moment. But with me, to my left is Eric Whitehead, who was our engineer.

He's at the control panel, and the great Evan Lorenz is sitting diagonally across from me

in this class table, and directly ahead of me is

Michelle. So Michelle, welcome. Thanks for having me. You are entirely welcome. It's our pleasure. Okay,

so to begin with, Evan, let us get this out of the way, this Harvard Business Review piece,

which I read on our deadline on Tuesday and I thought I had read everything. Indeed, I thought

I had written everything. No, I had not

read this, but we did indeed paraphrase it. Please tell our listeners, you can hold this thing up

so they can see it as well. Yeah, so you know we're not making this up. Here it is. All right,

see? Yeah, it's a thing. Why we need to update financial reporting for the digital era is the

headline. All right, Evan, tell us what it says. It basically says financial accounting is not kind of important anymore. And in fact, if you're one of the accountants in a company,

you're likely not going to be invited to the company party or even to the planning session or even

to any... Well, that's all... That has been going on for a long time. That's just a social problem,

right, with the accountants. It's nothing to do with substance. Yeah, let's see. This is the CFOs of Silicon Valley companies. They consider the calculation of gap-based profitability be more of a

hindrance and a distraction to their internal resource allocation decisions. One CFO commented

that they now avoid inviting company accounts to the strategy meetings, while another said the

CPA certification is considered a disqualification for a top finance position.

Well, I would say that it's a hindrance for the stock price as much as for the planning process.

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