Well, ladies and gentlemen, welcome to another episode, a sterling episode I'm going to make bold a predict of

Grant's interest rate observer of the air. I am Jim Grant and with me today as customary is

Phil Grant, editor of Almost Daily Grants, the great Evan Lorenz, the deputy editor of grants,

and Ethnic Controls, Eric Whitehead. But this is not just a North American production today.

We have telephone. We have Jonathan Tepper, who, as you will presently hear, is an Oxford man.

Yeah. He went to Oxford and a Rhodes Scholar to boot, and he is the chairman of Rhodes Scholars in

Britain, but more relevantly for boot, and he is the chairman of Rhodes Scholars in Britain, but more

relevantly for this production, he is a financial thinker of great merit, has been thinking

in particular about oligopoly, size, and the end perhaps we'll hear more about the reversion

to the mean of corporate profits. But we are not just reaching out to

Great Britain. We are also privileged to have with us John Hempton, who is a co-owner and I guess a progenitor

of Bronte Capital. John is one of the great short sellers, one of the great thinkers about fraud,

not perpetrators, but mind you, the thinkers about fraud. And he comes to what fraud

business, the unmasking business, through very respectable channels, including that of the chief

analyst of tax policies in New Zealand. Is there any fraud in tax in New Zealand? I guess what's

a little bit? But John and John, welcome to you. Seriously. Is there any fraud in text?

Do you think that there's a country without texting?

Well, I was just asking.

There's fraud in imposing taxes, I think we can all agree.

But be that as it may.

Jonathan Teper, we would like to start with you.

I would like to start with you.

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