Welcome to the Grant's Interest Rate Observer Podcast. I am Jim Grant, and with me today is Evan Lorenz,

the great Lorenz, Deputy Editor of Grants, and Adam Rosenz, who is an authority on commodities

and our guest. And welcome, Adam. It's lovely to have you here. And. And Eric Whitehead at the dials, as usual.

Before we get into Adam's line of work and commodities and before we even get into the news

of the day, I want to mention that we have a couple of sponsors for which we are grateful.

One is Casper mattresses, which if you want a good night's sleep, look no further. And the other

is e-financial careers. You'll be hearing about both, and the hours to come. This is going to be,

we have some stuff to talk about, Adams. And evidence, this might go on a while. Evan, have you

noticed something strange about the president? I mean, strange in the sense that he says one thing,

and then he says another

thing. For example, when he was campaigning, he campaigned against Goldman Sachs. He campaigned

against the Fed and he campaigned against the stock market, right? Yeah. I remember as if we're

yesterday. And now, what's he talking about? I mean, he says, he tweeted this morning and we're

talking about Friday, what is it, 29th of September, all day?

Okay.

The S&P is at a new high.

Bang.

That's the big, fat, ugly bubble, no?

Well, according to Robert Schiller's cyclically adjusted price to earnings ratio, the

market's only been more expensive in 1929 and the dot-com era, which were great times prospectively

for investing.

Yeah.

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