Here, at your fingertips, are more than 35 years’ worth of issues and articles. Search by date, company or keyword.
Credit is what we are bullish on--cast-off residential mortgage-backed securities, senior bank loans, convertible bonds and corporate debentures, high-rated and middling. And it's credit that fills the new Grant's model portfolio. Expectantly, we call it our Supermodel Portfolio. May it deliver superior returns for 2009 and beyond.
The bear market has coughed up the names of eight companies that meet the exacting criteria that Benjamin Graham laid out in 1973 for stocks that a defensive investor might buy with confidence. To scan the requirements--seven in all--you wouldn't suppose that a single company could measure up. They are (1) adequate size, (2) a good balance sheet--current assets greater than two times liabilities, (3) 10 consecutive years of net profits. . .
Unprecedented, according to an electronic search of the financial press, is the frequency of the use of the word "unprecedented" to describe the crisis on Wall Street. Living eyes have never seen the likes of it. And no observer, living or dead, has ever witnessed a greater scale of intervention by any government to refloat a sinking economy than the one being mounted in Washington. Now begins an attempt to see the crack-up of 2008 as our financial descendants might eventually see it. . .
"Some investors are so keen on [Middle Eastern] economies that they think the currencies have nowhere to go but up." So speculated The Wall Street Journal back in May, a time so distant that the oil price was actually rising. As 2008 deflates to a close, the currencies of Saudi Arabia, the United Arab Emirates and Qatar (as expressed in quotations on their one-year forward swap rates) are tipped for slight depreciation rather than moderate appreciation. Let it be said, however, that one Middle East currency is still chugging higher against the dollar. The readers of Grant's will not gasp to learn that it's . . .
All year, central bankers have been saving the world by inflating their assets, often in new and imaginative ways. The holidays can't come soon enough for them. In the past 12 unforgettable months (just try to forget them), the Federal Reserve's assets grew by 146%, the European Central Bank's by 58% and the Swiss National Bank's by 74%. But the Bank of England puts them all in the shade with year-over-year growth of 158%.