PRICE AS YOUR GUIDE

Ladies and gentlemen, welcome to Current Yield, Grant's interest rate observer of the air. Hi. I'm Jim Grant. And with me, as always, is Evan Lorenz, the great deputy editor of grants. Harrison Waddill is the control panel. And Matt McLennan, our co head of global value team and portfolio management at First Eagle here in New York is with us. Matt, I happen to know as the first guest of our podcast now, about eight years old, who was born in Rabaul, Papua New Guinea. Yeah. Right right right right. As far as I know. Yeah. Yeah. We did a search earlier. And, you win that prize. And, also, I think, among his many financial accomplishments, I'm not gonna bore or I don't know if embarrass him or, belabor the listening audience, suffice it to say that he is a a bold faced, guy in Wall Street, meaning only top flight names. But what, strikes one also is that Matt is a board member of the Library America. So he is a man of considerable, breadth of interest and, I dare say, of, of, of, area diction. So, Matt, welcome. Thank you so much. Yeah. So, this is this is like an ordinary day. Right? Evan, you know, so, things open up around, two or 3% down in the morning and, up around, 9%. Was that because someone blinked? Was that? Was that? Well, it was kind of a blink and a bit of a smirk, so Trump paused his supersized tariffs on most of the world. Most of the world will now face a 10% tariff rate versus much lower rates before, and he's increased the rate on China to a 125%. That's 125%. Yeah. Well, the readers of GRAS will soon see this, for its for themselves, but we have a you know, every issue, we have a cartoon. And there, if if the world is, treating us right, the cartoon is, gonna be thematic. And the cartoon, on the front page of this issue is a a picture of the White House, a drawing of the White House. Over here is a Jules Feiffer. Remember him? He's a cartoonist who, who gave quotations emanating from buildings, clearly identifiable buildings. Also, this is the White House, and the quoted words coming from the White House is la monde, c'est moi. Not not merely. La monde, c'est moi. Oh, And this podcast. Anyway, it's never a dull moment. And, Matt, before we get any further, I wanna ask you how the heck you are investing in this particular environment? Like any environment, I think you have to let price be your guide. That's the objective part of investing. And, you know, when you deploy capital into a business, you know, you have to think first and foremost about the scarcity of market position of the underlying company. And I think when you see wild swings like this in the market as prognosticating over, the top down macro, it …