Well, this is current yield, Grant's interest rate observer of the air.

And I am Jim Grant.

With me, as always, is the great deputy editor of grants, Evan Lorenz.

And Henry French is at his post at the control panel.

And Evan, these are flush times in the field of interest rate observation.

I see the 10-year treasury notice above 4% this morning.

I like that.

I mean, these are full-bodied substantial interest rates.

I hated the ones you could scarcely see. Ten years. The ones where you

need the magnifying glass when we had over $10 trillion worth of debt trading at negative yields?

Yes, those. And I feel a little bit nostalgic because I might have mentioned one or two

broadcasts ago. I by the very first job on Waltry was in the year, 1967. I just got out of the Navy, had to resume

college, and I was a clerk on the bond desk at McDonnell and Company on the long-dated benchmark

issue with a four and a quarters of 92. I have 25 more basis points. I'm going to go out and have

myself some sort of nostalgic class of something or other.

I guess we're getting there.

With us today, ladies and gentlemen, is Seth A. Clarman,

Seth A. Clarman, needing no introduction, he shall get none except to say that he is a natural 400 hitter in the field of buy, low, cell high.

I would say the existence of Claremont Hall

at Harvard Business School is itself a refutation of the strong form of the efficient market's

hypothesis. So that's as far as the introduction will go. He's also the president and a founder

of the Bhopost Group. So, Seth, welcome. Jim, it's great to be with you. We go back a long

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