Archives
Here, at your fingertips, are more than 40 years’ worth of issues and articles. Search by date, company or keyword.
Tomorrow's news today
The alliance of convenience of private equity, private credit and life insurance is not one for the ages.
Trust the process
An out-of-favor supplier to the friendless processed-food industry is a prodigious cash generator.
Monetary morality shifts
584 pages commemorating the official unofficial backseat driver of American monetary policy.
Long-dated yields are - stimulated
America is not alone in ramping up the stimulus in the face of still-elevated inflation.
Inside the CPI
More upticks than downticks along with one potentially electrifying bullish surprise.
Credit cycle play
For busts, cyclical downturns and failed LMEs, an advisor partial to the creditor side of the negotiating table.
Way faraway values
In Southeast Asia, a cigarette maker and a pair of retailers with plenty of room to grow.
Mr. Market up in the driver's seat
The economic reflexivity linking Wall Street exuberance to the struggles on Main Street.
The secret mandate of the Federal Reserve
Interest rate-suppression and volatility-muting might just be the most important mandate.
Bonds on the move
Events that would cause Treasury yields to vibrate by some important multiple of four.
Strong in adversity
An asset-light, nearly debt-free platform whose earnings are primed to swell when calm gives way to commotion.
And they float
For the prolongation of the life of above-target inflation, turn to the Treasury’s floating-rate notes.
Great Green rentals
Bullish on a return to pre-Covid profitability for Brazil’s largest car buyer and foremost car-rental agency.
Behold, a solvent central bank
It’s not just America’s too-big-to-fail banks that are reporting blowout third-quarter results.
Ninety-one-year debasement trade
How to explain the personality change in the monetary metal whose fabled stability of purchasing power used to be its calling card?
Memo to policyholders
Life insurance and the looming risks to unsuspecting annuitants and policyholders.
Pause the panic
For the income-seeking and value-minded, a BDC outlier and Grant’s favorite priced for a severe recession.
Inflation's got legs
For a market underpricing inflation over the long run, TIPS and their gilt-edged cousins offer protection and profit.
The true 'enemy within'
The concept of a “new” partnership between the Fed and the Treasury is as old as the Fed itself.
Passport to profits
In the well-hated UK, the formerly ignored Japan and marginalized Mexico, a trio of value opportunities.
Bullish on scarcity
We forget that an ounce of gold has commanded a premium to a share of the blue-chip index. Combine a portfolio of gold and equities, said Matthew McLennan, leadoff speaker at the fall Grant’s conference, and it’s far more stable than either portfolio individually.
Democracy of money
“A transformative technology meets the supposed experts in capital allocation.” But is that the real story?
Keep on truckin'
A terrific business with “incumbent competitive advantage” that excels in punctuality and in the fine art of not breaking things.
No barbarous relic
“Gold is going up against all other currencies.” And that, said Pierre Lassonde, “is the definition of a gold bull market.”
Not just a canary
“We’ve got a lot of problems under the surface and you don’t see them as well as you should,” Victor Khosla told the Grant’s assembled.
Hedging Mother Nature
Short-dated cat bonds, said Terrence McLean, offer “compelling” yields, zero-corporate credit risk and more than adequate liquidity.
'Gaslit asset class'
“Much of what you have been told about cryptocurrency technology is gaslighting,” David S.H. Rosenthal told the Grant’s audience.
Trump exasperation syndrome
In the matter of global equity market share, there’s little for America to gain, much to lose.
Bond markets on edge
The very tangible demands of chip making, data-center construction, electric grid enlargement, military preparedness and welfare-state maintenance are weighing on bond prices.
Just add salt
A producer of chlor-alkali products with the wherewithal to ride out an extended downturn.
Problem child's redemption
Little-regarded and in a neglected industry group, a life-sciences tool company affords an investor two ways to gain.
Not so smart
In the stablecoin game, it’s the banks that claim regulatory preferment. Look out, taxpayers.
Hamilton for the Federal Reserve
If the man himself if unavailable, let’s have his ideas, appropriately revised.
Different this time?
After years of disappointment, mining equities have returned to form in providing leverage over a rising gold price.
Cheap and hairy
At the intersection of underperforming British stocks and worse-performing British retailers sits a lightly leveraged retail enterprise replete with growth opportunities.
Putting the Fed in play
“Monetary policy,” for all its invocation of higher mathematics, is a highfalutin guessing game.
Inflation à la housing
If the Federal Reserve won’t oblige, Fannie Mae and Freddie Mac stand at the president’s beck and call.
A use case for AI
A software and AI company catering to the workaday function of customer service will prove a practical beneficiary of inorganic intelligence.
Banking on Trump
A trio of well-managed regional banks for a steeping yield curve and bank deregulation.
The great buildings - sound money axis
America’s best central banking took place behind monumental porticos and Doric columns.
Man with a big idea
Formed to capitalize on the down cycle, a wounded driller has rather become entangled in it.
Downpour of tokens
Will the real world be improved or mightily disimproved by the digital tokenization of “real-world assets”?
Always the same, always a little different
Central banking is as trouble-making a business as politics is a brutal one.
Leverage your life
At the intersection of financial alchemy and risk-taking sits a life insurer courting trouble all over again.
Seven guys and a flagpole
A singular instance of presidential monetary backseat driving acted out on the South Lawn of the White House.
Check-writing contest
The magnificent become a little less magnificent with the shouldering of new, multi-trillion-dollar outlays.
Retire one index, create another
Introducing the new Grant’s index of stocks at the intersection of speculative excess and corporate credit risk.
The great inverted pyramid revisited
A moment of posthumous victory for a balance-sheet and liquidity man.
Bitcoin goes corporate
Introducing corporate credit risk into the onetime antiestablishment digital Garden of Eden.
Tiger by the tail
The bubble in data-center construction boom is smiling on a certain highly-valued construction and engineering business; look out for the coming bust.
Hiding under rocks
Private equity has left plenty of stones unturned for the value-conscious investor.
Private credit contagion
Private credit managers are turning back to private credit itself to get out of stuck assets.
Sans-culottes of Las Vegas
With respect to crypto czar David O. Sacks, a U.S. stablecoin would work no miracles in the Treasury market.
Art of default
So much a part of everyday life is default-by-inflation that the Treasury’s creditors hardly seem to notice.
Electrical shocker
Bearish on an electric-power producer whose share price has soared on overoptimistic forecasts of AI load growth.
Data-center postscript
Are hyperscalers dramatically overestimating how much investment they need to meet future AI demand?
The Devil and Daniel Webster
A shift in the markets’ preference to the precepts of classical finance?
Build-a-value
Beset by negative headlines, a manufacturer and distributor of construction products is priced for a rebound.
A bubble it be
On the astounding, and predictive, fact disclosed in the inaugural earnings release of a data-center operator.
Always a bull market in something
How to square an IPO boom in blank-check companies with a rally in asset prices and a weaker earnings outlook?
Once said, can't be unsaid
Reminded of Alexander Hamilton’s original “liability-management exercise.”
Turn of phrase
“Where are we headed in the distressed-debt cycle” was the first question posed and answered by renowned bankruptcy lawyer James Srayregen, leadoff speaker at the Grant’s Distressed Investing conference.
Rise and shine
“If you love venture capital,” said Martin Hale, Jr., “you ought to like distressed tech a lot more.”
They'll thank you for it
“Making a loan at an 18%-plus interest rate is one thing. Pocketing that return is another.”
Deep value proposition
To earn excess returns, Jonathan Heller told the Grant’s audience, “look for companies that are in disrupted industries, struggling through a transition or mired in complexity.”
Risk migration
The cycle is upon us, Anthony Yoseloff told the Grant’s attendees; the question is rather how long it will last.
Read the footnotes
David Nemecek was just the person to explain, if not defend, liability management exercises.
Apocalypse later
Hunting for macroeconomic auguries, even if they do not invariably promote sound sleep.
Yale leads again
Are the exit doors wide enough to accommodate the many who would try to follow Yale into the new promised land of liquidity?
Danger's the catalyst
Advice from a Turkish-value seeker on investing through economic and political volatility.
Another great call by Alexander Hamilton
Timely warnings from the original occupant of Scott Bessent’s office at the Treasury Department.
Alma mater regrets
President Donald Trump’s busy Sharpie pen is not the only material threat to the financial well-being of the nation’s elite colleges and Universities.
'Lucky Pierre' takes a call
The exception that proves the rule talks his own rare, first-edition book.
The two lives of Donald J. Trump
One wonders what response the next crypto winter might elicit from a president who would feel the frost in his very own wallet.
Chips ahoy!
The anomaly of sharply rising inventory and the collective decision to invest ahead of an anticipated turnaround.
Dark stranded towers
The greater risk is the stranding of data-center investments by the process of technological leapfrog.
Wonders of the sea
A rising tide lifts all cruise ships, but the best year in the industry’s history is over and done with.
Location, location, location
A regional schism in real estate could prove a drag on economic growth.
Interest rates at sea
Fixed-income and currency markets hardly seem to notice that the U.S. Navy is playing second fiddle to China in the Pacific.
Emerging yet invisible
Their interest rates are higher, their fiscal policies tighter and – the good news – their stocks are cheaper.
Buildings in the slow lane
Anticipating the discounts to come in a market long-plagued by anemic transactions and the near suspension of price discovery.
Fireworks show delayed
A silver lining to this year’s orderly selloff is a needed win for private equity.
Options for a mercurial boss
Beware the dubious influence of Law, Keynes and the intellectual fathers of protectionism and national economic self-sufficiency.
Hacks of private equity
With the clock ticking for private equity promoters, you wonder if there’s enough money for an encore.
Transatlantic equity rotation
A trio of cheap equities primed for a further brightening of European business activity.
Memo to the bitcoiners
With President Donald Trump doubling-down on cryptocurrencies, an expert on their innards speaks to the risks.
Good to be rich
Boiling asset prices have loosened the purse strings of the well-to-do, but now verbal qualifiers – “maybe,” “but,” “however” – are starting to appear in the bull narrative.
A question of judgment
Leverage towers, interest rates still crouch and equities soar. Fittingly, Donald Trump is president.
Institutions of higher yields
On the bargains to be had in the college and university corner of the tax-exempts market.
Not so defensive
The topsy-turvy world of DOGE and data centers is rendering once-sturdy business models vulnerable, if not obsolete.
Musk rings a bell
Mega-deals in the hottest sectors of the economy do not occur at cyclical troughs.
Capeadores in crypto land
Never before, until the new administration, has the U.S. government stamped its imprimatur on a purely speculative asset.
Bubble, interrupted
We should have known that there was a banana peel on the path of the Great AI capital-spending boom.
Keeps rolling along
With a hand in four out of every five drugs approved by the FDA, a dominant pre-clinical services provider deserves an upgrade from the bargain bin.
Merchant of deterrence
Growing defense budgets bode well for a certain ill-favored high-tech company that’s beholden to one very large customer.
More inflation than they think
Future price expectations and revised measures of inflation are on the upswing.
Credit risk for the young
The fintech boom will stamp an explanation point on the culminating phase of this aging credit cycle. Some timely answers to the eternal questions surrounding money (good and bad) and safety (real and illusory).
Rich man, poor man
The positive feedback loops between bull markets and upper-income spending also work in reverse.
Penny stock no more
A Canadian wildcatting E&P company finds success, though not the recognition it deserves, in the French oil patch.
Risks unrecompensed
Tight corporate credit spreads belie the 14-year high in corporate bankruptcy filings.