William Green chats with Jim Grant, famed editor of Grant’s Interest Rate Observer. Here, Jim warns that a major market top is forming as exuberance inflates stocks, Bitcoin, and gold. He says it echoes past bubbles and urges extreme caution.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 Intro
00:10:40 Why Jim Grant is fiercely skeptical about Bitcoin.
00:19:25 Why you should be wary of all the hype about Private Equity.
00:35:50 Why Jim expects the AI boom to end in “a panic & a crash.”
00:44:13 Why even the shrewdest speculators never know when it’s time to sell.
00:49:50 What the Federal Reserve is likely to do with interest rates.
00:57:53 Why the dollar seems poised to continue losing value.
01:04:28 Why inflation will persist, fueled by perennial flaws in human nature.
01:09:50 Why Jim loves gold but is starting to worry about its meteoric rise.
01:19:01 Why he owns some bonds, despite his grim prognosis for this asset class.
01:23:39 How bull markets attract sleazy salesmen & bear markets clear them away.
01:25:56 What inspired him to write a new book about two 18th-century heroes.
01:59:34 How studying history helps him appreciate some benefits of modern life.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Inquire about William Green’s <a href="https://williamgreenwrites.com/masterclass/">⁠⁠Richer, Wiser, Happier Masterclass⁠⁠</a>.</li>
 <li>Jim Grant’s website for <a href="https://www.grantspub.com/">Grant’s Interest Rate Observer</a>.</li>
 <li>Subscribe to <a href="https://www.grantspub.com/resources/commentary.cfm">Almost Daily Grant’s</a>, a free (almost) daily commentary on financial markets.</li>
 <li>Check out <a href="https://www.grantspub.com/podcasts.cfm">Grant’s Current Yield Podcast</a>, which is co-hosted by Jim & his colleague Evan Lorenz.</li>
 <li>Emanuel Derman's book, <a href="https://www.amazon.com/My-Life-Quant-Reflections-Physics/dp/0470192739?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.ZXtaJIGHfwUq_nbtUvAUHt096GdN9qfTFgvLstvj1AVNrx-bMmsvemPvAIt5t13Q.X6HpHxersgPstXVPMl0fGmyJrfBenT_5Fr5UH_cYPoc&qid=1761098189&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=5f38828e38abe2a1ffcf5953f045ab52&language=en_US&ref_=as_li_ss_tl">My Life as a Quant</a>.</li>
 <li>James Grant's book, <a href="https://www.amazon.com/Bernard-Baruch-Adventures-Street-Legend/dp/1604190663?crid=1BRNON86UV8R&keywords=bernard+m+baruch&qid=1660513055&sprefix=bernard+m+%2Caps%2C91&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=1395c49aba6ee5d702a76d6210551bf3&language=en_US&ref_=as_li_ss_tl">Bernard M. Baruch: The Adventures of a Wall Street Legend</a>.</li>
 <li>Jim Grant's book, <a href="https://www.amazon.com/Friends-Until-End-Charles-Revolution/dp/0393542106?&linkCode=ll1&tag=tipnetwork-20&linkId=9dcb3e5e72bb0dd46ca7c20f3da87049&language=en_US&ref_=as_li_ss_tl">Friends until the End</a>.</li>
 <li>William Green’s book, “Richer, Wiser, Happier” – <a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=178a49c7c9cfbf9e85fe8f04e22b55a8&language=en_US&ref_=as_li_ss_tl">⁠⁠⁠⁠⁠read the reviews of this book⁠⁠⁠⁠⁠</a>.</li>
 <li>Follow William Green on <a href="https://x.com/williamgreen72">⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠</a> mentioned in the podcast.</li>
 <li>Ad-free episodes on our <a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.
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