Well, ladies and gentlemen, welcome to Grant's interest rate observer of the air.

I am Jim Grant.

And with me is the extremely well-rested Eric Whitehead, our engineer just back from vacation.

Eric is wont to vacation in exotic places, principally totalitarian countries.

But this time he threw us all a curveball,

went to South Carolina, I guess, to get away from the heat.

Okay, then Phil Grant directly across Eric.

He's the editor of Almost Daily Grants

and the great Evan Lorenz deputy editor of Grants

and you, listeners, thank you.

We are brought to you today is the Grant's Interest Rate Observer

podcast by a Purple Mattress and also by Grant's Interest Rate Observer. So I want to begin,

ladies and gentlemen, I want to begin with a little rumination on value investing. This comes from

the prodigious talents of Maximum Muncie, the super utility guy of Los Angeles Dodgers,

who did himself rather proud in last night's home run derby. My son, Phil, was watching on the other hand.

I was very busy. The situational hitting, the bunting competition and the hitting the cutoff man

competition that was narrow cast on channel 15,607.

But Phil is a serious student and that's one of these like Homer guys, right?

Yeah.

Anyway, so Max Muncie quoted as follows with respect to value investing.

He calls a plate discipline.

It's just kind of something I've always had.

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