Hey, this is a Grant's interest rate observer of the air. Current yield, we call it. I'm Jim Grant himself,

and with me as usual is the cast, including Eric Whitehead at the control panel, the great Evan Lorenz,

who is the deputy editor of grants, and my son Phil Grant, who edits almost daily grants. And, uh, you know,

and so, oh, yes, we have a special guest today and his name is donut shorts. Well, that's not the

name in the birth certificate, but we are honoring the request of our money managing guest to retain

his anonymity, not because of anything licentious or suspicious anyway, but because

some of the topics are just a little bit sensitive having to do with positioning and with

getting a short run by the stupid cell side, which you wouldn't know a value of it's sought,

if it looked in the eye. I says, sorry, I'm Mr. Donut shorts. I'm not sure. I'm not sure.

I'm not sure about these things. It's Monday.

Yeah. So we're, because this is kind of an informal gathering, we have known our guest for a long time.

We can attest to his, first of all, his professional competence and indeed success and also to his fidelity to the principles of buying low and selling high or of selling high and buying

low. So Donut, welcome. Thank you. It's great to be chatting with you. So I don't know, I'm going to

ask something to begin with. I mean, people buzz on about this thing, this narrative called an

everything bubble. I don't know, Donut, do you see an everything bubble or is it a bit more

selective than this? I guess I would lean towards the everything bubble. I think, you know,

we've got a monetary environment in which, you know, money and capital is being created at a very

rapid pace that kind of eventually finds its way into every nook and cranny of the capital markets

and more or less every industry out there. So I think, you know, there's probably some areas

where it's more prevalent than others and things are more distorted than others. But, yeah,

I would say it's in everything bubble. So Donut shorts, with that in mind, it's an everything bubble.

We're also in month 124 of the longest business expansion in U.S. history. How do you position yourself for this?

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