Hey, welcome to Grant's Interest Rate Observer of the Air. I am Jim Grant. To my left is Eric Whitehead

at the controls as usual. Phil Grant, the editor of Almost Daily Grants, is here as well, as is

the great Evan Lorenz deputy editor of Grant's interest rate observer.

And today we have a guest, and he is Stephen D. Blyberg, who is a managing director.

The manager.

A, A manager.

Ah, let's go for it.

Okay, A managing director and portfolio manager at EPEC, which is an equity money management shop.

It's a factory, actually, $45 billion or so is

factory size than a shop. So Stephen is an author, a money manager, a man of many attainments,

a Harvard man, of course, you can tell by looking at him right now, and an alumnus as well

of the Sloan School of Management at MIT, where I suspect the

professoriate were attempting to indoctrinate Mr. Blinberg with the tenets of modern portfolio

theory. Good luck with that. You will see for yourselves a little bit later. So welcome, Stephen.

Thank you. Stephen, I have in front of me something called The Limits of Theory. This something is an

essay. It's a wonderful essay. Excerpts ran in the current issue of Barons, where I saw it, and you kindly

sent along the whole thing, which contains not an addendum, but a finale having to do with

baseball. By the way, you're a Red Sox fan having to do with your time in Boston?

No, no. Excellent. Okay. I say excellent in a facetious way. If people of Boston listeners, it didn't

really mean it. Oh, I should mention as well, this does not come to you without advertising sponsorship,

where we have today Audible, which is the preeminent way to listen to a book and also by a ZipRecruiter.

And if you're hiring, think about ZipRecruiter.

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