Well, welcome to current yield.

Grant's interest rate observer of the air.

I am Jim Grant.

And with me, as always, is the great deputy editor of Grant, Evan Lorenz.

Hey, Evan.

Good afternoon, Jim.

And Harrison Waddill, who was in charge of everything in this office, and is now also a sound engineer.

So Harrison, thank you for joining that.

And we have sitting to my left, as you can see, ladies and gentlemen, Richard Byrne, who is the president of Benefit Street Partners,

and we're talking to him in a moment.

But before we do, Evan, I have noticed something

strange. Ever since Donald Trump became not only the evident Republican nominee, but also now,

I guess, again, a little opinion of the market, the presumptive president of the United States

a few months' time, that seems to be at least today's consensus

arguable to be sure, but it seems to be...

Anyway, doesn't it strike you that the VIX has suddenly become lively?

Volatility is being reintroduced to the markets. The other weird thing is small caps are finally getting some love after years of

being left out in the pasture. Yeah, they are. Well, I would say that Donald Trump is the avatar

of volatility and that we are in for a great few years of journalism come what may. So I'm grateful

for many things in that, not least, that journalism, Richard Byrne, it's important

that you have something to write about. There's nothing worse than serenity. So I think we're

in good shape with him. So I've just said hello to Richard, but I'm now going to introduce

...