Well, this is Current Eel, ladies and gentlemen.

Grant's interest rate observer of the air.

I'm Jim Grant, and with me, as per usual, is Eric Whitehead, who's sitting at the control panel.

And directly across from me is Evan Lorenz, the great deputy editor of Grants.

And with us, today's guest, is Rob Arnott, who is needing no introduction.

He will nonetheless get one, and not terribly lavish because that would embarrass our guest.

But first and foremost, happy Father's Day.

Rob is the father of four.

Thank you so much.

And he is an Oedipanora scholar, a friend of grants, to be sure. I started research

affiliates in 2002. I'm not sure what is the part-time gig. As I count his published essays,

they number about 120, like 100 and something impressively. There are books

to be sure, and there is a business to be run and children to be, what's the verb, managed,

directed, watched, I suppose, after a certain age, one watches. Shapes. Yes, that is a hopeful approach.

Rob, of all the literary credentials to begin with an author's idea of what's most important,

I am so tickled to see, I guess I knew this, but I was refreshing myself in preparation

for this broadcast.

I was reminded that you had a fellow co-author several times

in the great Peter L. Bernstein, this charming, the late great Peter Bernstein, a charmer,

among other things, and a truly accomplished man. Yeah, he was one of my dearest friends and

just a towering intellect and a mitch, a wonderful human thing. He was also probably the best writer in finance

ever. Imagine deciding to write a book on the history of risk and statistical evaluation of

...