Hello, ladies and gentlemen, welcome to Grant's Interest Rate Observer Radio.

With me today is Evan Lorenz, known in these parts as the great Evan Lorenz for his

analytical capacities and talents and production. And also what controls is Eric Whitehead,

who runs the place. Actually, Eric does. And I'm Jim Grant,

and we are here to tell you about American finance, indeed world finance, the whole shooting match.

But not before a word from our sponsor, who is me, actually. Now, no time is a bad time to

subscribe to grants, but now just might be the best time.

Now, when markets are making highs and volatility is plumbing lows in the SEC, in its wisdom,

has waved through the first quadruple levered ETF.

That's right, Evan, quadruple levered for four times the tracking error and four times the

leverage and four times the disappointment. Grants says, we are the yes but people. We are

skeptics, doubters, first guessers, whether it's macroeconomic theory or a common stock or a

subordinated adventure, grants puts it to the analytical test. We publish every two weeks 24 times a year.

So visit our website and read for yourself and see for yourself. And as we encourage every reader, think for yourself.

Subscribe to grants. There's no time like the present. Evan, what do you make? What do you make of this new ETF? Is this not

a sign of the times? It certainly is. We are, according to a Bank of America, Merrill Lynch

report, over the last 90 years, there's only been 3% of the time where the market has actually

had lower volatility than today. So that's like roughly two years out of 90 years.

So we're at this historically low period in volatility where people are putting up

these instruments that just magnify any kind of changes and magnify any kind of risks or

blowups or any kind of hiccups or problems along the way.

I mean, people forget just how little it takes to kind of shake the apple cart.

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