Hey, welcome to current yield Grants, interest rate observer of the air.

I'm Jim Grant.

Your host, and with me is always as the great deputy editor of grants, Evan Lorenz.

And also with us, as per usual, is Henry French, who's a sound man, technician, man at the dials,

a man who I previously and repeatedly referred to as Henry Fox. Which error is grounded in a piece

of writing I'm doing for the past couple of years, and Henry Fox is an important character in this narrative,

but he's not Henry French.

Henry French is Henry French, and not Henry Fox.

Thank you, Henry, for being with.

And with us today is a guest, and his name is Martin Hale.

And Martin Hale is a man of considerable parts in the world of finance.

He's, of course, a Yale man to look at him.

You know that. Kulov, naturally, distinction.

Yes.

And he built his career in the venture and private equity worlds.

In fact, he helped to start Piquot's venture and private equity business in 1997.

That at length became first Marcap, which in turn led to the spin-out

of an aspect of the strategy to form what is today Hale Capital Partners, which is a non-traditional

evergreen growth equity, non-traditional in that it actually makes money, a growth equity fund. And Martin is also not the least of his distinctions

to pass speaker to grass conference. Get around to that in a moment. So Evan, have you noticed

that interest rates are rising? Is this seeming impossibility a fact? Last I checked, yes. And in fact,

the Fed's rooting them on. Yeah, leave it to the Fed. You know, the Fed, ladies and gentlemen, that's the Federal Reserve,

...