The Thunderclap That Ends the Cycle | Jim Grant on the Risk No One Sees

Excess Returns · Dec 4, 2025 · 1h

James Grant, legendary founder of Grant’s Interest Rate Observer, joins us for a wide-ranging conversation on cycles, interest rates, inflation, credit, the Federal Reserve, private markets, gold, and the future of investing. Grant brings five decades of historical perspective to today’s market extremes, explaining why this era of ultra-low interest rates created distortions that will shape returns for years to come — and where patient investors may ultimately find opportunity.

Topics Covered

• The historical patterns that define major market cycles

• Why interest rate cycles unfold over…