Well, welcome to current yield grants interest rate observer of the air.

I am Jim Grant and with me, as always, is the great deputy editor of grants.

Evan Lorenz.

Evan is not here, but he is virtually here. Good morning, Evan.

Good morning, Jim. And we have hanging out in Singapore, where it is not nine in the morning,

but rather 10 in the evening, is David Dredge. And David, good evening to you.

Good morning over there, guys. Good to be with you. Well, it's great to have you. It's not everybody who's going to hop on the phone at 10 p.m. to you. Good morning over there, guys. Good to be with you. Well, it's great to have you. It's not everybody

who's going to hop on the phone at 10 p.m. to talk about volatility, and Henry French is making

sure that our voices are mollifluents. So I am going to begin, ordinarily, Evan and I ordinarily

begin by bantering about current events.

You know, I'm saying something about scam coins and the most venal administration in the history of North America, you know, stuff like that.

But I want, in view of the sacrifices that our guest is making with respected time,

I want to begin by introducing him properly.

And here goes. Okay, so I'm going to quote, besides the CV, which is formidable, and I'll

touch him that one moment. But here is how David Gredge introduced himself to the attendees at the

Grants Conference two autumns ago, October, 2023.

Quote, I'm not trying to make money.

Okay.

Now, Evan, how many of our speakers have ever admitted that?

Before the fact or out of the fact?

Correct.

Okay.

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