Hey, this is Current Yield Grants Interest Rate Observer of the Air, and I'm Jim Grant, and with me.

As per usual, Evan Lorenz, the great deputy editor of Grants.

Henry French is at the control panel.

Evan, I've got a plan for our podcast today, which I, and

here's the plan. Tell me this is crazy. We are not going to mention Elon Musk, the Abrams

M1 tank or misplaced top secret documents. I think it's crazy, but it might work.

Yeah. I don't know. You get so tired of these recurring themes in the news. Like Fed inflates. Yeah, yeah, yeah, yeah. So

documents. Oh, we can disclose, I think, because after 4 o'clock Eastern time, we can disclose the nature of

the cartoon on page one of today's grants interest rate observer. You ready? Go for it. You saw it, too, right?

Of course. At least once. Yeah.

Okay. So ladies and gentlemen, you have to laugh at it. That's the rule here. When I describe a

cartoon idea, it's imperative that people at least smile. Here it goes. Okay. So the scene is a guy

driving by one of these, you know, self-storage places. A great business self-storage, by the way.

Driving by a self-storage place.

And you know what the name of the self-storage is?

You know what it is?

No.

Top-secret self-storage.

Okay.

So everybody's found it.

In lieu of top-secret documents, in lieu of Elon Musk, in lieu of the Abrams tank, we are going to discuss biotech

with none other than Mark Schneidman, who is the founder, chief investment officer and managing

...