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Company
All Companies 3Com Corp. 3M Co Aaron’s Inc. Abertis Infraestructuras Abitibi Consolidated Inc. Absolute Invest Ltd. Absolute Private Equity Accelerate Diagnostics Access Flex Bear High Yield fund Accuride Corporation Ackerman & van Haaren Actavis plc. Adams Natural Resources Fund Inc. Adecoagro S.A. Advanced Micro Devices AdvisorShares Ranger Equity Bear ETF AerCap Holdings NV AES Corp. Aetna Africa Opportunity Fund Agco Corp. AGNC Investment Corp. Agnico-Eagle Mines Aioi Insurance Airborne Freight Corp. AK Steel Holding Corp Akamai Technologies Akenerji Elektrik Uretim A.S. Alaska Milk Alcoa Alexander & Baldwin Alibaba Group Holding Ltd Allergan Inc. Alliance Holdings GP Alliance Resource Partners LP AllianceBernstein Income Fund Allied Capital Corp. Allison Transmission Holdings Inc. Alon USA Altice N.V. Altria Group Amazon.com Ambac American Banknote Holographics American Electric Power American Greetings Corp. American International Group Ameriprise Financial Ameritrade Holding Corp. AMR Corp. Amrep Corp. AMVIG Holdings Anglo American Plc. Anglogold Anheuser-Busch InBev S.A./N.V. Annaly Capital Management Antero Midstream Partners L.P. Anthracite Capital Antofagasta Holdings AP Alternative Assets LP Apex Mortgage Capital Apollo Commercial Real Estate Finance Inc Apollo Global Management Apple Aradigm Corp. ArcelorMittal Arch Capital Group Arch Coal Ares Capital Corp. Arkema Arrow Global Group plc. Ascena Retail Group Ashtead Group plc Asia Pulp & Paper Co. Asset Acceptance Capital Corp. AT&T Inc. athenahealth Atlas Mara Co-Nvest Ltd. ATP Oil & Gas Corp. Atwood Oceanics Aurora Investment Trust plc Australia & New Zealand Banking Group AutoZone Avance Gas Holding Avianca Holdings SA Avid Technology Inc. Avon Products Axis Capital Holdings B3 S.A. - Brasil Bolsa Balcao Babcock & Wilcox Co. Badger Meter, Inc. Ball Corp. Banca Carige S.p.A Banco Bilbao Vizcaya Argentaria SA Banco Bradesco S.A. Banco de Chile Bancolombia SA Bank of America Bank of Greece Bank of New York Mellon Bank of Nova Scotia Bank of Queensland Banque Nationale de Belgique Barclays PLC Barrick Gold BASF SE Bayerische Motoren Werke AG BB&T Corp. Bear Stearns Beazer Becton Dickinson and Co. Beijing Capital International Airport Berkshire Hathaway Inc-Cl A Berry Global Group, Inc. Best Buy BHP Billiton BHP Billiton Ltd. Bitcoin Investment Trust BJ’s Wholesale Club BlackRock BlackRock California Municipal Income Trust BlackRock MuniHoldings New York Quality Fund BlackRock MuniYield Michigan Quality Fund Blackrock MuniYield New York Quality Fund BlackRock MuniYield Pennsylvania Quality Fund Blackrock MuniYield Quailty Fund BlackRock Taxable Municipal Bond Trust Blackstone Group L.P. Blackstone Mortgage Trust Blackstone/GSO Senior Floating Rate Term Fund Blackstone/GSO Strategic Credit Fund Bladex S.A. Blount International Inc. Blue Sky Alternative Investments Ltd. BNP Paribas Boardwalk Pipeline Partners Boeing BOK Financial Boulder Brands British American Tobacco Plc. Brookfield Property Partners, LP Bunge Ltd. Burger King Worldwide BW LPG C&J Energy Services Inc. C.B. Richard Ellis Cabot Oil & Gas Cairn Energy Cairn India Ltd. Calamos Convertible Fund Calavo Growers Calpine Corp. Cameco Cameco Corporation Campbell Soup Co. Canadian Apartment Properties Real Estate Investment Trust Canadian Imperial Bank of Commerce Canadian National Railway Co. Canadian Pacific Railway Ltd. Capital & Counties Properties plc Capital One Financial Corp. Capstead Mortgage Corp. Carlyle Group CarMax Inc. Carnival Cruise Lines Carrefour S.A. Carter’s Inc. Casino Guichard Perrachon SA Castle Private Equity AG Catalyst Biosciences, Inc. Caterpillar CBL & Associates Properties CBRL Group Celgene Corp. Central Securities Corp. Ceradyne Charles Schwab Charter Communications Chevron Corp. Chimera Investment China Cinda Asset Management Co. China Coal Energy Co. China Construction Bank China International Travel Service Corp Ltd China National Chemical Corp. China Shenhua Mining China Vanke Christopher & Banks Corp. Chuck E. Cheese Brands Inc. CIT Group Citigroup Clean Energy Fuels Corp. Clean Harbors, Inc. Cleveland-Cliffs Inc. CME Group CNA Financial Corp. CNH Global N.V. CNX Gas CNX Resources Corp. Coca-Cola Co. Coeur d’Alene Mines Corp. Comerica Commercial Metals Co. Commonwealth Bank of Australia Companhia Vale do Rio Doce CompuCredit Holdings Corp. Comverse Technology Con-way ConAgra Foods Concentradora Fibra Danhos SA de CV Concentradora Fibra Hotelera Mexicana SA de CV Conn’s Inc. CONSOL Energy Consolidated-Tomoka Land Co. Constellation Software Inc. Contura Energy Inc. Conversus Capital Copart, Inc. Copperbelt Energy Corp plc Coronado Biosciences Corporate Travel Management Ltd. Costco Wholesale Countrywide Credit Industries Cousins Properties Inc. Credicorp Ltd. Credit Suisse Group CreXus Investment Corp. CrossingBridge Low Duration High Yield Fund CSX Corp. Cullen/Frost Bankers Customers Bancorp, Inc. CVS Caremark Daishi Bank Danske Bank A/S De La Rue plc Deere & Co. Delek Logistics Partners L.P. Dell Computer Delta Air Lines Destination Maternity Detour Gold Corp. Deutsche Bank Deutsche High Income Opportunities Fund Deutsche High Income Trust Devon Energy Dex One Corporation Diamant Art Corp. Diamond Foods Inc. Diamond Resorts International DineEquity Dixons Carphone plc Dogan Gazetecilik A.S. Dole Food Dollar General Dollar Tree, Inc. Dorian LPG Ltd. Dorman Products DoubleLine Income Solutions Dow Chemical Downey Financial Corp. Duke Realty Corp. Eagle Bulk Shipping Inc. Eagle Point Credit Co. Inc. Eaton Vance Municipal Bond Fund Eaton Vance New York Municipal Bond Fund Eaton Vance Senior Income Trust ECA Marcellus Trust I El Paso Pipeline Partners Electrobras S.A. Eli Lilly & Co. Ellie Mae Inc. Emerald Oil, Inc. Emerson Electric Co. Emmis Communications Corp. Empresa Nacional de Telecomunicaciones SA, ENTEL Enbridge, Inc. Endo International Plc Energias de Portugal SA ENI S.p.A Ensco plc. Enstar Group Ltd. Enterprise Products Partners L.P. EOG Resources Epicor Software Corporation Equitable Group Inc. ETRACS Fisher-Gartman Risk off ETN ETRACS Fisher-Gartman Risk on ETN Euronav NV European Aeronautic Defense and Space Co. Everbridge Inc. Evercore Partners Inc. Evotec S.E. Exide Technologies Exor SpA Expedia ExxonMobil Facebook FactSet Research Systems Fairfax Financial Holdings Fairfax India Holdings Corp. Fairway Group Holdings Fannie Mae Farmer Mac Farmland Partners Inc. Fastenal Co. FedEx Corp. Fiat S.p.A. Fibra Uno Fidelity & Guaranty Life Fidelity National Financial Fifth Street Finance Corp. Fifth Street Senior Floating Rate Corp. Financial Engines First Eagle Gold Fund First Financial Bancorp. FirstFed Financial Corp. Fleetwood Corp. Flowserve Corp. Fondual Proprietatea Ford Forest City Enterprises Forestar Group Fortescue Metals Group Ltd. Fortress Investment Group Fosun International Ltd. Foundation Coal Holdings Franco-Nevada Franklin Resources Fred. Olsen Energy ASA Freddie Mac Freeport-McMoRan Copper & Gold Freescale Semiconductor Fresh Del Monte Produce Fresnillo Frontier Communications Corp. Frontline Ltd. FTSE/Xinhau China 25 Index FXCM Inc. Gannett GATX Corporation Gazprom OAO Genco Shipping & Trading Limited General Cable Corp. General Electric General Motors General Shopping Brasil S.A. Genesee & Wyoming Inc Glencore PLC Global X Uranium ETF Gold Fields Ltd. Gold Reserve Act of 1934 Goldcorp Goldcorp Inc. Goldman Sachs Group Golub Capital Goodrich Petroleum Google Great Northern Iron Ore Properties Greenbrier Companies Greenhill & Co. Greif Inc. GrubHub Inc. Grupo Financiero Galicia Grupo Nutresa SA Gunes Sigorta A.S. H&R Real Estate Investment Trust Haier Co. Ltd. Halcon Resources Hallador Energy Co. Hamilton Lane, Inc. Hancock Holding Co. Hanesbrands Inc. Hang Seng Bank Ltd HarbourVest Harman International Hatteras Financial Corp Heartland BancCorp Heartland Value Fund Hecla Mining Co. HEICO Corp. Helen of Troy Ltd. Hercules Capital Inc. Hewlett-Packard Hochschild Mining Home Capital Group Home Depot HomeAway Honam Petrochemical Horsehead Holding Corp Horsehead Holding Corp., Hospira Howard Hughes Corp. Hudson Pacific Properties Inc. Humana Inc. Hunter Douglas Huntington Bancshares Hyundai Motor Hyundai Motor Co., preferred IBM Icahn Enterprises L.P. ICICI Bank Iconix Brand Group Infosys InRetail Peru Corp. Intelsat SA Intercontinental Exchange Interest Rate Volatility and Inflation Hedge ETF International Bancshares Corp. International Paper International Seaways, Inc. Intesa Sanpaolo SpA Inversiones y Representaciones S.A. Invesco Senior Loan ETF Invesco Value Municipal Income Trust Investment Quality Municipal Trust Invitation Homes, Inc. Iron Mountain, Inc. Ironwood Pharmaceuticals iShares Floating Rate Bond ETF iShares iBoxx $ High Yield Corporate Bond Fund iShares iBoxx $ Investment Grade Corporate Bond Fund iShares International Treasury Bond ETF iShares J.P. Morgan EM Local Currency Bond ETF iShares JP Morgan U.S. Dollar Emerging Markets Bond ETF iShares National Muni Bond ETF iShares New York Muni Bond ETF iShares Russell 2000 Value ETF iShares Silver Trust Isis Pharmaceuticals iStar Financial IWG, PLC J.B. Hunt Transport Services J.C. Penney J.G. Wentworth Inc. J.P. Morgan Chase Jazz Pharmaceuticals PLC JB Hi-Fi Ltd. Jefferies Group John B. Sanfilippo & Son, Inc. Johnson & Johnson Joy Global JZ Capital Partners Kala Pharmaceuticals Inc. Kansas City Southern KapStone Paper and Packaging Corp. KBR Inc. Kerry Group plc Keryx Biopharmaceuticals Keurig Green Mountain Keycorp Kilroy Realty Corp. Kimberly-Clark Kinder Morgan Energy Partners Kinder Morgan Inc. Kinetic Concepts Kinetsu Corp. Kirkland Lake Gold Ltd. KKR & Co. LP Klondex Mines Knight Capital Group Kohl’s Corp. Kone OYJ Koppers Holdings Korean Preferred Stocks Kraft Heinz Co Kroger Co. Kulicke & Soffa Lancaster Colony Corp. LandAmerica Financial Group Lanxess Lawson Software Lazard Ltd. Legg Mason Value Leggett & Platt Lehman Brothers LendingClub Lennar Corp. Leo Holdings Corp. LifeLock Ligand Pharmaceuticals, Inc. Light S.A. Lincoln National Corp. LinkedIn Corp. Linn Energy Lloyds Banking Group Loews Corp. Loma Negra Companía Industrial Argentina S.A. Lowes Companies Lufkin Industries Lukoil OAO Lumber Liquidators Holdings Luxottica M&T Bank Mack-Cali Realty Corp. Macquarie Group Limited Macy’s Inc. Manitowoc Co. MannKind Corp. Manulife Financial Market Vectors Agribusiness ETF Market Vectors Gold Miners ETF Market Vectors Russia ETF MarketAxess Holdings Inc. Marks & Spencer plc Marmara Capital Equity Fund MasTec Inc. Mastech Holdings Matthews International Corp. MBIA Inc. McDermott International McDonald’s Corp. MCG Capital Corp. Medallion Financial Corp. Medtronic Merrill Lynch Merrimack Pharmaceuticals, Inc. Metal Constructions of Greece (Metka) Methanex Corp MetLife Metropolitan West Low Duration Bond Fund MF Global holdings MFA Financial Inc. MGIC Investment Corporation MGM Energy Michael Kors Holdings Microsoft Microsoft Corp. Midas Gold Corp. Middleby Corp. Millicom International Cellular Minefinders Mitsubishi Corp. Mitsubishi UFJ Financial Group Moderna, Inc. Moelis & Co. Molson Coors Brewing Company Monadelphous Group Mondelez International Inc. Monmouth Real Estate Investment Corporation Monsanto Co. Moody's Corp. Morgan Stanley Morgan Stanley China Morgan Stanley Emerging Markets Domestic Debt Fund Mosaic Company Moscow Exchange MSC Industrial Direct Co. Muzinich Low Duration Fund MVC Capital Mytilineos Holdings Nanto Bank Nasdaq Biotechnology ETF Index Natco Group National Australia Bank National City Bank National Commercial Bank National Oilwell Varco National Retail Properties Nautical Petroleum plc Nestle SA Netflix Inc. Nevsun Resources New Fortress Energy LLC New Gold Newcrest Mining Ltd. Newfield Exploration Newmont Mining Nielsen Holdings plc Nike Nippon Active Value Fund Nissay Dowa General Insurance Nordea Bank AB Nordic American Tankers Ltd. Nordstrom Norfolk Southern Corp North Atlantic Drilling Ltd. Northern Dynasty Minerals Northern Trust Corp Northgate Minerals NovaGold Resources NOW Inc Nucor Corporation Nuveen Build America Bond Fund Nuveen Build America Bond Opportunity Fund Nuveen Floating Rate Income Fund Nuveen New York AMT-Free Municipal Income Fund Nuveen New York Dividend Advantage Municipal Fund Nuveen North Carolina Quality Municipal Income Fund Nuverra Environmental Solutions Nvidia Corp. NVR Inc. Nyrstar Oasis Petroleum Inc. Occidental Petroleum Corporation Ocean Bio Chem Ocean Rig UDW Oculus Innovative Sciences Okomu Oil Palm Plc Olin Corp. Ollie’s Bargain Outlet Holdings Inc. On Deck Capital Oneok, Inc. Opko Health Orezone Resources Orient Overseas International Ormat Technologies, Inc. Osisko Mining Owens-Illinois Oxford Lane Capital Corp. Oxford Square Capital Co. Packaging Corp. of America Pactiv Corp. Pan American Silver Par Pacific Holdings Paragon Offshore Paramount Resources Ltd. Parapet 2006 Paris Orleans SA Parkway Inc. Parsley Energy Inc. Party City Holdco Inc. PDL BioPharma Peabody Energy Corp. Peapack-Gladstone Financial Corp. Pennsylvania Real Estate Investment Trust PepsiCo Petroleo Brasileiro SA PG&E Corp. Pharmaceutical Product Development PHH Corp. Phillip Morris Phillips 66 Pico PIMCO Dynamic Credit Income Fund Ping An Bank Co. Ping An Insurance Group Co. Pioneer Natural Resources Co. Plum Creek Timber PNC Financial Services Popular, Inc. Post Holdings Inc. Potash Corp. of Saskatchewan Potlatch Corp. Power Finance Corporation PowerShares DB G10 Currency Harvest Fund PowerShares Variable Rate Preferred Portfolio ETF Prada SpA Precision Castparts Corporation Pretium Resources Principal Financial Group Procter & Gamble Progress Energy Resources Progressive Corp. Prologis Inc. Property REIT, Inc. Prosensa Holding ProShares UltraShort Lehman 20+ Treasury Prospect Capital Corp. Prosperity Bancshares Public Storage PutleGroup Qualcomm Inc. Quest Diagnostics Quicksilver Rackspace Hosting Radian Group RadioShack Corp Raiffeisen International Ralcorp Holdings Inc. Range Resources Rayonier Inc. Raytheon Co. Realogy Holdings Corp. Realty Income Corp. Redwood Trust Regions Financial Reis Inc. Reliance Industries Ltd. Repros Therapeutics Republic Services Inc. Research in Motion Resolute Energy Restaurant Brands International Inc. Restoration Hardware Holdings Richemont SA Rio Tinto Ltd. Rite Aid Rosneft OAO Rowan Companies Royal Bank of Scotland RWE AG S.A., Public Power Corp SA des Ciments Vicat Salvatore Ferragamo SpA Samsung Electronics Sangamo BioSciences Santander Consumer USA Sarepta Therapeutics Sberbank Schindler Holding AG Schlumberger Schweitzer-Mauduit International SCOR SE Seacor Holdings Seadrill Ltd. Sears Holdings SemGroup Corp. Service Corp. International Shake Shack Inc. Shaw Group Sherwin-Williams Ship Finance International Ltd. Shizuoka Bank Sichuan Expressway Signature Bank Signet Jewelers Ltd. Sime Darby Simon Property Group Singapore Airlines Sino Gold Mining SL Green Realty Corp Smithfield Foods Snap-on Inc. Societe Generale Societe Internationale de Plantations et de Finance SoftBank Group Corp. Solar Capital Ltd. SolarCity Corp. Sotheby's Southern National Bancorp of Virginia Southwest Airlines Southwestern Energy SPDR Barclays Capital High Yield Bond SPDR Bloomberg Barclays Investment Grade Floating Rate ETF SPDR Gold Shares Spirit AeroSystems Holdings Inc. Springleaf Holdings Sprint Corp. Sprott Gold Equity Fund Sprott Physical Gold and Silver Trust Sprouts Farmers Market Square Inc. St. Joe Company STAG Industrial Starwood Property Trust State Street Corp. Steel Dynamics Strongbridge Biopharma plc. Sumitomo Mitusi Financial Suncor Energy Inc. Sunrun Inc. Suntech Power Holding SunTrust Banks SuperMedia Surgutneftegas SVB Financial Group Swiss National Bank Syneron Medical Ltd. Syngenta AG T.Rowe Price Group Tahoe Resources Target Corp. Tata Motors Ltd. TCW Total Return Bond Teck Resources Teekay Tankers, Ltd. Tejon Ranch Company Templeton Emerging markets Income Fund Templeton Global Income Fund Teranga Gold Tesco plc Tesla Motors Teva Pharmaceutical Industries Ltd. Texas Capital Bancshares Texas Pacific Land Trust TGR Financial , Inc. The Fresh Market The Intertain Group Ltd. The Williams Companies, Inc. THL Credit TICC Capital Corp. Tidewater Inc. Tiffany & Co. Tile Shop Holdings Time Warner Cable Tocqueville Gold Fund Tower Hill Mines Ltd. TransDigm Group Inc. Transocean Ltd. Transportadora de Gas del Sura SA Treasury Wine Estates Trinity Industries Tupperware Brands Turkish Airlines U.S. Bancorp U.S. Filter Uber Technologies, Inc. UBS UBS AG Ultra Petroleum UltraShort FTSE/ Xinhau China 25 Proshare Under Armour Unifi Union Pacific Corp. United Company Rusal United Continental Holdings United Rentals Inc. United Technologies Unum Group Uranium Participation Corp. Valeant Pharmaceuticals International VanEck Vectors AMT-Free Long Municipal Index ETF Vanguard Value ETF Vapor Corp. Verizon Communications Viking Therapeutics, Inc. Vodafone Group Vornado Realty Trust W.R. Berkley Corp. W.W. Grainger Wal-Mart de Mexico SAB de CV Wal-Mart Stores Walgreen Walt Disney Co. Walter Investment Management Corp Wasatch Small Cap Value Fund Wasatch-Hoisington U.S. Treasury Fund Washington Federal Washington Mutual Inc. Waste Connections Waste Management Weiss Korea Opportunity Fund Wells Fargo & Company Wells Fargo Short-Term Municipal Bond Fund Class A Wendy’s Western Asset Emerging Markets Debt Fund Western Asset Global Corporate Defined Opportunity Fund Western Asset High Yield Defined Opportunity Fund Western Digital Corp. Western Refining Western Union Company Westfield Group Westlake Chemical Corp. Westlake Chemical Partners LP Westpac Banking Corp. Westshore Terminals Weyerhaeuser Corp. Whirlpool Corp White Mountains Insurance Group Whole Foods Market Williams-Sonoma Windstream Holdings WisdomTree Dreyfus Brazilian Real WisdomTree Dreyfus Chinese Yuan WisdomTree Dreyfus Indian Rupee Woodford Patient Capital Trust plc Wright Medical XTO Energy Yahoo! Yamana Gold Yandex NV YPF S.A. Yum! Brands Inc. Zillow, Inc. Zion Oil & Gas Inc. Zoomlion

December 12, 2008, Vol. 26, No. 24

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Introducing the Grant’s Supermodel Credit Portfolio

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.

Beating the band

A discussion of the Treasurys and gold... The 2008 Investor of the Year award goes to a man who, through December 8, earned 26.9% by investing in exactly those assets on which Grant's is most bearish. . .

‘Intelligent Investor’ redux

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. . .

Never before seen

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. . .

Sell the renminbi

"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 . . .

Ben Graham does Motown

House prices in Detroit had fallen by 12.5% from their 2005 peak when I visited in September 2007 in search of value-laden real estate. Prices have since dropped by another 18.6%. The declines are remarkable.

Global debasement play

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%.

November 28, 2008, Vol. 26, No. 23

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Inflation-yes, we can

A discussion of the current deflation and the pending inflation.

Somebody’s right

Record Treasury auctions are contrasted to the suspension of gold sales.

Opportunists apply here

Opportunities in convertible bonds.

Yields from Hooverville

A discussion of the high yield bond market.

All chase Treasurys

A comparison of the real estate and Treasury markets.

November 14, 2008, Vol. 26, No. 22

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Bullish on credit, bearish on money

A discussion of opportunities and risks in the fixed income market.

Even gnomes do it

A discussion of recent actions by the Swiss National Bank.

More value restoration

A discussion of recent developments at a title insurer.

More debts than dollars?

A discussion of central banks balance sheet growth.

October 31, 2008, Vol. 26, No. 21

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Opportunities in derangement

A discussion of opportunities in the fixed income market.

Karl Hill, R.I.P.

An obituary for Karl Hill.

What to short

A summary of Jim Chanos’s presentation at the Grant's Fall 200 Conference.

Yield to bonus

A discussion of commercial real estate.

Questions for Mr. Klarman

Time for value investors to remove hedges and play offense.

Inflation protection

Cheap options to protect against future inflation.

Bullish on stocks

Leon Cooperman’s reasons that investors can be optimistic today.

Bye-bye, then, $500 billion

Simon Mikhailovich updates the CDO market.

Paging Parson Malthus

Malthus’s scarcity thesis may prove correct 30 years after it was popular.

No house party

Ivy Zelman presents the case for continued troubles in the housing markets.

Bullish on the IMF

A discussion of sovereign credit.

October 17, 2008, Vol. 26, No. 20

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Eat my bread, sing my song

Compares the government’s investment in nine major banks with depression interventions.

Bullish on loans

A discussion of the leveraged loan market. Keywords: leverage loans, high yield

'Dry powder,' reconsidered

Revisiting a company too expensive six months ago that has been become substantially cheaper.

Elegy on value

An update on a cheap company that has become cheaper.

Wall Street on the rack

A comparison of Congressional hearings today and in the depression.

Steak to hamburger

A discussion of monetary policy.

October 3, 2008, Vol. 26, No. 19

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Uncle Sam's new fat suit

The initiatives to halt the credit crisis are sowing the seeds of future inflation.

'Uncle,' cries GE

A follow-up on GE.

Long subprime, short retail

The safety of an investment is dependent upon the price paid.

'Looks' like a bottom

A discussion of Radar Logic's Residential Property Index.

California bidding war

A discussion of the San Diego real estate market.

Main Street contracts

A discussion of credit growth.

September 19, 2008, Vol. 26, No. 18

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'Toxic Treasurys, super-safe mortgages'

The safety of an investment is dependent upon the price paid.

Procrastination can wait

A discussion of the inflation rate implied by the TIPS market.

Half-off energy sale

A discussion of an oil, coal and nuclear service company.

More trash for cash

A discussion of liquidity.

September 5, 2008, Vol. 26, No. 17

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A little wonderful advice for Mr. Paulson

A discussion in how to narrow GSE spreads and how to invest if it were to happen.

Not your father's GE

A discussion of GE Capital.

A guiltier pleasure

A discussion of physical gold and junior gold miners.

Euro-trash

A discussion of inflation and money growth.

August 8, 2008, Vol. 26, No. 16

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On the subtlety of the obvious

A discussion of what value investing is and what it isn’t.

Don't wait up

A discussion of transaction dependent real estate companies.

Time's up, Mrs. Watanabe

The carry trade is in full force despite economic stress in countries with high yielding currencies.

Merrill's mortgage blowout

A discussion of Merrill Lynch’s CDO sale and the distressed CDO opportunity.

Wall Street's mortgages

A summation of mortgage exposure on Wall Street.

Howlers: a pair

Past issue corrections.

Inflation's vacation

A discussion of inflation.

July 25, 2008, Vol. 26, No. 15

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Bearish on the biggest monoline

A review of the U.S. government’s finances and the implication for interest rates and the currency.

No bottom, no fish

A discussion of home prices and potential values in RMBS.

Remember India?

Last year’s high flying market turns down, Grant’s sees opportunities.

One for the team

A discussion of the Fed’s new balance sheet.

July 11, 2008, Vol. 26, No. 14

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The trouble with Prosperity

A guide to investing in leveraged financial institutions in the eye of a credit storm.

Debt for dinner

A discussion of a restaurant that recently completed an acquisition that has resulted in a leveraged balance sheet.

Talker of the year

A comparison of central bank balance sheet growth.

Dancing in the dark

A comparison of 2005 and 2007 RMBS deals.

Creditors peer backwards

A discussion of the last 25 years in the U.S. Treasury market.

Reserve currency at bay

A discussion of inflation in countries with currencies tied to the U.S. dollar.

June 27, 2008, Vol. 26, No. 13

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This time--really--it’s different

A discussion of the macro and micro repercussions from the straining American consumer.

Window shades, stocks, etc.

A description of a window shade manufacturer with a large hedge fund portfolio priced at a discount.

Moving targets

An update inflation targeting at various central banks.

The risk in ‘risk-based’

OFHEO adjusted the loss severity equation used by the GSEs.

Easy is as easy does

An easy monetary policy has yet to lift land prices in California.

June 13, 2008, Vol. 26, No. 12

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Shame of the gnomes

A history of a banking giants’ ill timed foray into structured products.

'You get a double discount'

An interview with Jean-Marie Eveillard.

Default du jour

An update on CDOs and events of default.

Believe it, Hank Paulson

Inflation and currencies pegged to the dollar.

May 30, 2008, Vol. 26, No. 11

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Walter Bagehot was wrong

Central banks accept an increasing amount of dubious collateral.

Cheap option redux

One financial company sees signs of optimism in housing.

Landslide report

A progress report on the housing bust. One company is beginning to find opportunities in raw land.

Monetary ugly contest

Currency speculators beware, inflation is not a one-way bet.

May 16, 2008, Vol. 26, No. 10

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Hostages to house prices

A comparison of two large capitalization companies that have their immediate futures tied to house prices.

Still at the altar

A progress report on three failed leveraged buyouts.

Riddle by e-mail

A reader submits a riddle via e-mail.

Lessons learned? None

Another refinery is acquired with high leverage.

Calling all bond bears

Ways to make a bearish bet on Treasurys.

'Inflation' by any other name

Inflation continues to be imported.

May 2, 2008, Vol. 26, No. 09

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The close of the era of peace and quiet

The era of disinflation caused by globalization is nearing its end.

The old drawing board

The International Association of Financial Engineers announces a meeting on the need for a second generation structured products pricing model.

Leverage unrefined

An update on Western Refining.

It floats, it sinks

The credit crisis has not yet produced compelling absolute value in the CLO market.

Hedge funds lite

The latest investment fad has been around since the 1920s.

Sunset for the euro?

The euro has come under pressure on lower than expected inflation reading in Germany.

April 18, 2008, Vol. 26, No. 08

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It was the storage business, after all

The credit excesses of the previous cycle are still unwinding.

Not-so-silent partner

David Abrams attributes Bear Stearns downfall to leverage.

350 million chimneys

An examination of three Chinese companies discussed by Richard Chilton and Murray Stahl.

Power play of tomorrow

A company in a position to benefit from increased capital spending in the utility industry.

Discounting defaults

Steve Miller describes that the leverage loan market is pricing in excessive losses.

Timely crisis

Marty Cohen discusses the credit contraction and commercial real estate.

No earnings, no yield

A discussion of why gold and Treasurys are on the new high list together.

Globalization taketh away

Globalization has now become an inflationary force.

April 4, 2008, Vol. 26, No. 07

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A short treatise on good intentions

The Federal Reserve’s recent actions, dropping its target rate by 3% and accepting dubious assets onto its balance sheet, has unintended consequences around the world and on its currency.

Modest proposal

A proposal that the U.S. Government purchase prime mortgages outright.

Hair of the dog

The private sector is de-leveraging while government sponsored enterprises are being asked to re-lever with troubled assets.

Limits of leverage

Two California S&Ls are struggling with non-performing loans issued during the height of the recent real estate speculation.

Bonfire of the currencies

The world’s central bankers can all agree on one thing – the desire for a weaker currency.

March 21, 2008, Vol. 26, No. 06

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Hoover without the Depression

Historical review of how America’s monetary and financial arrangements have led to Depression-like distress without a depression, and how one might profit from the inevitable attempts to set things right.

Not so preferred

Fannie Mae is ‘adequately capitalized’ according to OFHEO, but that is a result of preferred stock issuance not the performance of the underlying business.

Up with Banco cheapo

Bladex is a supranational trade-finance bank headquartered in Panama with a conservative balance sheet trading below its book value.

Name that central bank

The Federal Reserve Bank credit has been growing 2.2% annually. The ECB is growing its balance sheet at an annual rate of 22.3%.

March 7, 2008, Vol. 26, No. 05

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Fill in the Suez Canal

Prior to the Federal Reserve, productivity growth led to lower prices. Today, lower prices resulting from productivity are confronted by monetary stimulus.

‘Essentially stale money’

Newmont Mining shares have not participated fully in the gold price rally and cheap compared to its peers.

Bullish on AIG

AIG announced further market valuation writedowns in its insured multi-sector CDOs creating another opportunity to invest in a great company at a reasonable price.

Trophy tranche

The CMBX triple-A 4 has been sold by banks to hedge other risks and by hedge funds to speculate on deterioration in the commercial property market. Selling of the index has carried beyond the underlying fundamentals.

Ace in the hole

The deterioration in ACE Securities 2005-HE5 continues in this update.

Regime change

Gulf countries have declined to remove their pegs to the U.S. dollar despite rising inflation. Hungary removed the forint’s trading band against the Euro.

February 22, 2008, Vol. 26, No. 04

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The people’s wrath-delayed

The lack of a backlash against Wall Street is surprising given the scope of the current credit crisis.

Material strength

AIG’s recent announcement of a material weakness in it’s accounting has created an opportunity to invest in a great company at a reasonable price.

Not so contained

description: Eastern European banks have continued to offer mortgages in low interest rate currencies adding currency risk for borrowers.

Whose preference?

Non-cumulative preferred stock issuance has risen, but interest payments are at the board’s discretion.

Junk-grade central bank

The most leveraged financial institution in New York is the Federal Reserve Bank of New York and it is accepting low-rated CDO tranches at 80 cents on the dollar as collateral.

February 8, 2008, Vol. 26, No. 03

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Many countries, one interest rate

The FED and the ECB set one interest rate for multiple countries. The FED ignores the 'dollar bloc' countries at the risk of inflation.

'Free mortgage business'

This company. was set to be acquired for $31.50 a share. The deal fell through and now investors can buy one business and receive 2 other businesses for nothing.

Company to let

This company was set to be acquired for $34.50 a share. The deal fell through and now investors can buy the company at 6 times forward earnings.

Kravis was right before

This company was set to be acquired for $120 a share. The deal fell through and now investors can buy the company at two-thirds off.

Peak oil, peak dollars

Shad Rowe relates how Boone Pickens has used his belief in peak oil to compound returns in BP Capital.

Improbable sources of strength

The weak dollar ahs led exports to account for a large proportion of GDP.

January 25, 2008, Vol. 26, No. 02

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Value restoration at a gallop

Market volatility may yet produce investment values as the ideas of the recent bull market – decoupling, the Great Moderation, and “inflation vigilantism” – retreat.

What grows on trees

Grant’s discusses a profitable timber company. The company is selling at a discount to its peers and has a more conservative balance sheet.

Invest--then investigate

A CDO squared recently sold at a large discount. As investors realize the complexity of the structures, expect the discounts to get larger.

Old Europe creaks and groans

description: Club Med countries have seen the sovereign CDS spreads widen and the sovereign debt widen versus German bunds.

January 11, 2008, Vol. 26, No. 01

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Sell the man, sell his money

Central banks’ responses to inflation have changed over time.

Dime on the dollar

CDO asset liquidations begin and price discovery begins.

Western Refining redux

Western Refining has become cheap again.

Enough distress to go around

High yield debt begins to show distress, expect defaults to follow.