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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 10, 2010, Vol. 28, No. 24

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The Bentonville, Ark., monetary hedge

Buy Treasurys for deflation, gold for inflation--and something entirely different for the condition at hand

High-altitude copper

Something's sustaining the great bull market, but what?

Green shoots on the Interstate

A Grant's orphan returns from a Herbert Hoover-quality collapse in the big-rig business

Bullish on books

Monetary reading for this holiday season

To print or not to print?

Taking exception to Chairman Bernanke's semantic quibble

November 26, 2010, Vol. 28, No. 23

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The credit cycle in full

In three years, everything can change

Insurable risks

Dull businesses, cheap stocks: What's not to like?

Chemical attraction

A bankrupt regains its solvency--will no one pay attention?

Thrifty investments

Another trio of demutualized savings institutions

Serendipity strikes

And we dial down our bullishness

Flat-earth monetary report

Just how much gold would a gold standard require?

November 12, 2010, Vol. 28, No. 22

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Consumer protection for the dollar holder

A discussion of the gold standard.

Thrifts on the cheap

A discussion of the mutual-to-stock conversion wave.

Our dollar and yours

A speech on monetary confusion.

Dance of the dollars

A discussion of an “early warning system” to spot current-account imbalances.

October 29, 2010, Vol. 28, No. 21

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The thrifts are coming! The thrifts are coming!

A discussion of newly converted thrifts coming to the market.

Franklin County high

A follow-up of an Iowa farm auction.

Entitled no more

A discussion of a threat that will impact title insurers.

Been there

A discussion of the ramifications of China slowing down.

That ‘70s show returns

A discussion of inflation.

Get into Africa

A discussion of investment opportunities in Africa.

Up with dividends

A discussion of dividend investing.

Elder statesman deals

A historical perspective from Felix Rohatyn

Dealer de novo

The case for building a government securities dealer.

It ain’t beanbag

A discussion of politics in America.

Threat or blessing?

A discussion of high-frequency trading

Watering the whiskey

A discussion of inflation-indexed notes.

October 15, 2010, Vol. 28, No. 20

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On the high cost of being rescued

A discussion of the TARP program.

Income from shale

A discussion of ECA Marcellus Trust I.

Money chases farms

A discussion of prime Midwestern agricultural property

In which we erred

A follow-up of Dex One and SuperMedia.

On the coming shortage of labor

A discussion of labor forecasts.

October 1, 2010, Vol. 28, No. 19

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Ron Paul for executor

A proposed living will for the Federal Reserve.

De-leveraging story

A discussion of Alliance One International.

Gold bites its tongue

A discussion of exchange rates and currencies.

Yield famine relief

A discussion of Annaly Capital and Redwood Trust.

Latent energy

A discussion of the Fed’s excess reserves.

September 17, 2010, Vol. 28, No. 18

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Over to you, H. Parker Willis

A discussion of central bank policy

Happy to sin

A discussion of the Swiss National Bank and the Singapore Monetary Authority.

Certifiably formerly toxic

A discussion of the transformation of Innospec.

Patience of a saint

A discussion of Seacor Holdings and its Chairman, Charles Fabrikant.

America's stimulus export

A discussion of quantitative easing and its impact on Asian currencies.

September 3, 2010, Vol. 28, No. 17

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IBM makes bookends

A discussion of bonds, inflation and the Fed.

Contrarians wanted

A discussion of the real estate market.

Where the analysts aren’t

A discussion of companies ignored by the sell-side.

Rush hour in La Paz

A discussion of Bladex and intraregional trade.

What’s the hurry?

A discussion of low interest rates.

August 6, 2010, Vol. 28, No. 16

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July 23, 2010, Vol. 28, No. 15

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Back to the well for the Land of Lincoln

A history of default in Illinois.

A funny old cycle

A discussion about high yield debt.

Memo to Mrs. Malone

An update on the Canadian housing market.

No depression yet (watch this space)

A discussion about shipping and trade.

July 9, 2010, Vol. 28, No. 14

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Channeling Ben S. Bernanke, Ph.D.

A discussion about deflation and quantitative easing.

For the long run

A discussion about Treasury surrogates.

All things housing

An update on the housing market.

Eastern tremors

A discussion of Asian economies.

June 25, 2010, Vol. 28, No. 13

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Concerning the American repudiation gene

A discussion about the municipal bond market past and present.

Bernanke's curious silence

A discussion about deflation and quantitative easing.

Mobile payout

A discussion about an attractively priced large capitalization phone company.

Not so scrutable

A discussion of exchange rates

June 11, 2010, Vol. 28, No. 12

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There'll always be a J&J

A discussion about Treasury surrogates.

Profitably wasting away

An undervalued company in run-off.

Wow, Canada!

A discussion of the Canadian housing market and economy.

Trains, planes, trucks – and bonds

The transportation industry is recovering as investors seek the safety of bonds.

May 28, 2010, Vol. 28, No. 11

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Miracle play

A discussion of a manufacturer with ever expanding margins.

Cigar butts for sale

A discussion of two publishers recently out of bankruptcy.

Memory misremembers

A discussion of the Swiss franc.

New 'affordability' crisis

Rising house prices cause an affordability crisis.

May 14, 2010, Vol. 18, No. 10

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What's wrong with the euro

A discussion of monetary policy.

XL mortgage comeback

Private label securitization makes a comeback.

Revisionist history

Initial GDP reports are not the final numbers.

Value in fear

Just auctioned warrants remain in the bargain bin.

Dogs' day

A discussion about gold.

'Strongest since the 1970s'

Leading indicators turn in strong performance but long-term unemployment turns down.

April 30, 2010, Vol. 28, No. 09

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'Boats for all' – a cautionary tale

Regulatory responses to crises can have unintended consequences.

Warrants to go

The warrants sold publicly from the Capital Purchase Program have outperformed the underlying equities and the market.

Three-dollar tale

A discussion of worldwide monetary policies.

That sinking feeling

Shipping companies are only cheap on the surface.

'Retail has to move this time'

A discussion about inflation.

April 16, 2010, Vol. 28, No. 08

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Concerning the success of the TARP

A discussion of government bailouts - past and present.

'Nowhere but up'

The New York Times forecasts interest rates.

Goodbye, good Lufkin

Artificial lift becomes fully priced.

12-step mortgages

A comparison of RMBS securitization deals of toady with those from the boom.

Not counting deflation

The cost of the U.S. Census through the centuries.

Sell the renminbi

A discussion of exchange rates.

April 2, 2010, Vol. 28, No. 07

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Memo to Sheila Bair

Brazil's solution to the too big to fail problem.

Instant gratification

Steve Eisman presents a long and a short idea at the conference.

From the ashes

Sy Jacobs discusses his strategy for buying quality banks.

Ronald Reagan Obama?

Tom Gallagher compares the Reagan and Obama administrations.

Coca-Cola afterthought

Adam Weiss presents his case for two companies.

'A perfect surprise'

Byron Wien presents the 2010 surprise he is most confident in.

Now's the time

Steve Galbraith talks about the importance of timing in investing.

Optimist buys equities

Tom Gayner makes the case for large capitalization equities.

Up in the air

Paolo Pellegrini argues for a change in monetary policy.

March 19, 2010, Vol. 28, No. 06

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Mystery meat priced rich

"Unanalyzable financial institution" is redundant, like "sullen teenager" or "burdensome tax." To the outside observer, even the c. 1933 Bailey Bros. Building & Loan was a blind pool. Still less comprehensible is the 21st-century, derivatives-enhanced mega-bank. The mega-bank managers themselves seem confused enough. Pity the public investors. What's wrong with the modern financial institution, however, isn't what Sen. Christopher Dodd, the chairman of the Senate Banking Committee, keeps trying to fix....

Second thoughts

"Large numbers of these second liens have no real economic value," Rep. Barney Frank, chairman of the House Financial Services Committee, wrote to the chief executive officers of four big commercial banks on March 4. "[T]he first liens are well underwater, and the prospect for any real return on the seconds is negligible." Frank's breezy markdown of a trillion dollars or so of home-equity loans could not have failed to moisten the palms of the hands that held his letter....

Hostage to rates

The sanguine projections of out-year interest expense contained in the Grant's model Treasury prospectus of two weeks ago prompted a San Francisco reader to imagine an alternative scenario. Let us say, that the interest-rate forecast of the Congressional Budget Office, which Grant's quoted, proves too low. Assume, instead, a proper bond bear market....

Then there was one

More than a few readers have weighed in to lament the quality of the investment ideas currently being presented here. We seemed so much on top of things in 2008 and even 2009, they say. But this year, they grumble, they might as well be reading Runner's World or The American Scholar. What's gone wrong? No happier than they are, we invoke extenuating circumstances. The inflation that nobody can see on Main Street is in full flower on Wall Street....

March 5, 2010, Vol. 28, No. 05

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A prospectus for the United States of America.

A preliminary prospectus for the United States of America.

February 19, 2010, Vol. 28, No. 04

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Warm thoughts on a cold metal

Earnings season is almost over, but for GLD it never began. Not since the earth's crust cooled has the 79th element in the Periodic Table earned a dime. Yet that hasn't stopped SPDR Gold Trust, a.k.a. GLD, from becoming an institutionally recognized investment asset. Still, the question hangs in the air: What's an ounce worth? Now begins a reappraisal of our Nov. 27 reconsideration . . .

Different this time

To earn investment-grade, double-digit yields denominated in U.S. dollars, you need a time capsule and a ticket back to 1981. Nowadays, certifiably "safe" income-producing securities fetch zero. Triple-B-rated corporate bonds are quoted at all of 6.4%, junk bonds at 9.5% and 10-year California general obligation bonds at 4.5% (that's tax-free, not risk-free). . . Everyone, these days, needs income, while no one needs permanent capital impairment. And most everybody is jumping at shadows. . .

Concerning next time

March 6 marks the first anniversary of the world not coming to an end. On that date one year ago, the Standard & Poor's 500 Index put in its low. The broken bones of credit began to knit, and the economy stopped shrinking and resumed growing. So powerful is the recovery today that it is almost possible to imagine a company hiring an employee and a bank making a new loan. Compared to the darkness of the abyss, even a partly cloudy sky looks dazzling. The world economy has, it seems, been saved from a fate even worse than our Great Recession. But at what cost?

Gnomes get quantitative

At last, some good news for shipowners, including the new seagoing private-equity investors who may just have bought in at the lows: World trade by the Grant's measure (the dollar value of imports from the U.S., Britain, the euro zone, Japan, and the BRICs) grew 2% year-over-year in November, the first positive reading in 13 months, with December logging a further 9% gain. . .

February 5, 2010, Vol. 28, No. 03

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When Rep. William S. Holman (D., Ind.) said ‘no’

Forecasts of a 2010 fiscal-year deficit of $1.6 trillion, a shade of red never before seen in the federal accounts, sent statesmen to the airwaves and pundits to their keyboards. President Obama condemned the obstructionism of the Republican Party in his State of the Union address: "Just saying no to everything may be good short-term politics, but it's not leadership." Newspaper columnists denounced Congress, especially the Senate, where it takes 60 ayes to block a filibuster. How this country came to such a sorry fiscal pass is a very good question, and we happen to have an answer. . .

Where is thy sting?

With respect to the Great Recession, the question posed in the headline answers itself. The world economy is one big bug bite. Yet, for a doughty band of companies, the pain and swelling long ago subsided. . .

Treasurys on stilts

You, let us say, are the State of Wisconsin Investment Board, and you have a problem. You are heavily exposed to the stock market (55% of pension assets). Still more heavily are you exposed to the stock market's volatility (90% of fund volatility is from that source). You are wedded to a 7.8% actuarial-return assumption, which you privately despair of meeting. What do you do?

Stuy Town in Siberia

Amateurs were debarred from subscribing to last week's $2.55 billion offering by [COMPANY--and a good thing, too. The investment appeal of a money-losing, debt-stuffed, covenant-breaching, oligarch-bossed, top-tick-prone cyclical on the brink of insolvency is chiefly apparent to professionals. . .

Teachable moment

The failure of [Bank] last week is expected to set back the Deposit Insurance Fund (DIF) by $825.5 million, a pretty stiff bill for an institution with only $2.18 billion in assets. Concerning which a stunned subscriber asks, "Shouldn't a loss this big be mathematically impossible?" Actually, it's old hat. . .

BRIC belt tightening

On Tuesday, Australia's central bank issued a press release seemingly intended to explain a rise in the prevailing 3.75% policy rate. All that was missing was the move itself, because the Reserve Bank stood fast.

January 22, 2010, Vol. 28, No. 02

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House plant says that rates go up

Addressing the annual meeting of the American Economic Association in Atlanta on Jan. 3, the chairman of the Federal Reserve Board exonerated the Fed and its interest rates from blame in the great mortgage mess. Why, the central bank's own vector autoregression model closes the

Principal of the thing

Jubilee--or a partial jubilee, at least--is the way forward in housing, according to the experts who seem to know what they're talking about. Grudging concessions on monthly interest payments merely serve to push defaults into the future.

Sell Product 97

Do you, gentle reader, fancy a 3.5% renminbi-denominated yield? To snag it, would you reach all the way to the Golden Sunflower loan product No. 97, recently on offer from China Merchants Bank? WuHan DingJin Food Corp. is the borrower, but China Merchants Bank, the No. 5 bank in the People's Republic with assets of $288 billion, is not the lender. You, to repeat, are the lender, or would be if you chose to forgo the presumptive safety of a 2.4% account at China Merchants Bank and venture into loan No. 97. A huge debt bubble is inflating China's economy and, by extension, the world's.

Distress at full price

The fiscal news is bad from Greece to California, though bondholders would hardly know it from the wages they're earning for worry. On a three-year maturity, the Golden State's debt yields 1.89%, that of the Hellenic Republic, 3.45%. Go out 30 years and California is quoted at 5.59% and Greece at 6.26%. Yes, spreads have been widening. But, still, we wonder: What would complacency look like?

January 8, 2010, Vol. 28, No. 01

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Yields a la Bernanke

Hard on the heels of the worst modern credit disaster, hundreds of billions of dollars of professionally managed assets are bearing non-trivial risks for literally no return. "Return-free risk" was how the bond bears characterized the value proposition in the government securities market last year. They could not have imagined that today's money funds would make the 3% long bond look like a value stock.

$1 short sale

For the next three years, the Treasury Department muttered up its sleeve on Dec. 24, the sky's the limit on the government's net-worth-plugging investments in Fannie Mae and Freddie Mac. Furthermore, Timothy Geithner's bureaucracy disclosed, on a day not ordinarily given over to the announcement of major changes in public policy, the mortgage behemoths will not be prohibited from growing in 2010 after all. They will rather be allowed to expand their combined balance-sheet size to $1.8 trillion (as of November, they jointly weighed in at $1.5 trillion). We say these are evil omens, but the market has its own ideas.

Money shows its age

"It is a victory for the U.S. government," says an interest-rate strategist at Citigroup Global Markets, speaking last week of the Treasury's epic 2009 borrowing campaign. "It is a defeat for the world's investors," says Grant's of the very same borrow-a-thon. At auction last year, according to calculations quoted by The Wall Street Journal, two-year notes yielded an average of just 1.002%, 10-year notes an average of just 3.262%. Never mind flu season: For 2010, expect a pandemic of buyers' remorse.

Loans, ahoy!

"[B]ecause companies have been very much in a de-leverage mode and preservation-of-capital mode and a strengthening-of-the-balance-sheet mode," Andrew Cecere, chief financial officer of U.S. Bancorp, told a Goldman Sachs bank conference last month, "loan demand will come back quickly once it does come back." Cecere was singing our tune. Bank lending plunged in the 2007-09 downturn as it had never done in any previous post-World War II recession. Now what? Why, a new cycle of lending and borrowing. It seems it's already begun.

The gentleman obliges

"Perhaps," we suggested in the June 12, 2009, issue of Grant's, "Mr. Market would be so obliging as to mark it back down to book, or, say, 1.2 times book at a minimum, in order to afford the value-minded investor a margin of safety?" Now look: "It"--Redwood Trust (RWT on the Big Board)--trades at 1.24 times book and yields 6.9%, down from 1.6 times book, with a yield of 6.6% in June. Sometimes you just have to ask.

Warm glow of leading indicators

Bank lending is shrinking and money supply growth is laboring--not exactly the expected fruits of the Fed's heroic balance sheet expansion. But the credit data for November may point to a change in trend. The sum of loans and securities held by commercial banks, a.k.a. commercial bank credit, jumped by $57 billion, to $9.1 trillion. Higher, too, was the volume of loans held on bank balance sheets, up by $51 billion, to $6.8 trillion.