Hey, welcome to Current Yield, the Grant's Interest Rate Observer podcast, and good to have you back.

I'm Jim Grant.

I'm with me, as always, is Eric Whitehead at the control panel.

He's our technician.

And the great Evan Lorenz sitting directly across me.

And today, our special guest

is Dean Kornat, who knows all about volatility and things that go up and down. He's not about

peace and quiet. Dean is about action. I'm not sure where you are, but today around here is kind of an

active day. My favorite credential is that you are a very mathy MBA from the University of Chicago, and that at Chicago, you walked away

with a Citibank Award for the best performance of finance. Now, okay, I'm a long time, somewhat

on Pextifian critic of the Citibank, but I would have guessed that the Citibank Award is accorded

to the person who comes in last in finance.

That's funny. You're not going to bite the hand that it feeds you, though, are you? It's funny you say that I recall quite vividly because I was over the moon thrilled with getting

that award, which was in 1995, and they gave me $5,000. And it was a tremendous amount for me.

But little did I know they would need that $5,000 just 14 years later.

It might have kept them out of the clutches of the government, don't you think?

Possibly.

Dean, so Dean, you are the founder and the CEO of Macro Risk Advisors, and you're in the business of

anticipating things that people would rather not have happened, right?

That's true.

Okay.

But both of the upside and the downside, right?

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