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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 13, 2013, Vol. 31, No. 24

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The price is wrong

Investors, financiers and financial analysts do business in a governmentally constructed funhouse. The interior décor features unconventional mirrors. Concave and convex, they can make a short yield look taller but they can’t make that illusion pay cash. Which fact brings us back to the universal thirst for income and to the corporate structures that exist to slake it.

Just say no

After delivering a 50% gain in 2012, the Nasdaq Biotechnology Index has leapt by 60% in the 11 1/3 months of 2013. In November, 75% of the respondents to a poll said they expected another banner showing in 2014. Herewith a dissenting opinion and a short-sale candidate.

Preferred by more

Just how inclusive is the global stock-market rally? Inclusive enough to levitate South Korean preferreds. Following is an update to our analysis of this value-laden, hard-to-buy and chronically underachieving asset class.

European antique show

Converting mutual thrifts into profit-seeking commercial banks has been one of the most lucrative callings in American finance. We now turn to a similar kind of conversion, albeit with a very different kind of bank.

Problem child redux

It’s a funny thing about the liquidation of gold mining shares or about the pullback, let us call it, in gold itself. Selling gold, the world is saying in so many words, “The central banks have the situation well in hand.”

QE, we hardly knew ye

Monday brought tidings of a $1.92 trillion jump in household net worth between the second and third quarters. What else has quantitative easing wrought? Whether or not the Fed chooses to announce the start of tapering next week, it’s high time to ask.

November 29, 2013, Vol. 31, No. 23

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A personal message for Larry Summers

From one disappointed non-central banker to another. How to restore America's once and future economic vitality?

Plugging for 9%

At America's big banks, the live-in regulators seem almost to outnumber the paid help. A risk-averse cadre are these government overseers. Good, safe loans are what they want. Enter here a new real estate finance company with designs on the lunch that banks no longer seem to have permission to eat.

Sell the painting

Christopher Wool's "Apocalypse Now" fetched $26,485,000, including commission, on Nov. 12. Within days of the Wool sale, a copy of George Washington's first presidential Thanksgiving proclamation failed to clear its $7 million reserve price. How to compare the two?

Borrowing trouble

Investors lack income, the economy lacks oomph and businesses lack growth. Solution? More corporate bonds and higher corporate leverage. Hearing the ducks quack, Wall Street is busily providing sustenance.

Fuel least popular

The Environmental Protection Agency makes war on it, people of any shade of green despise it, and the advent of cheap natural gas threatens to marginalize it. Coal--and a certain attractive small-cap miner--are the topics under discussion.

Now with helipad

"How many condo units are necessary in this town?" an especially exuberant Miami builder was recently quoted as posing. The answer? "Unlimited. Because we are selling to the world."

It wasn’t an ATM after all

If borrowing to wretched excess were an Olympic event, America might or might not take the gold, or bitcoin.

November 15, 2013, Vol. 31, No. 22

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Introducing the Grant's Story Stock Index

No bull stock market is complete before the debut of the kind of equity that's valued on the quality of its narrative. "The road is better than the inn," wrote the immortal Cervantes centuries before the Twitter IPO. Herewith, a review of the new crop of story stocks.

Okay to inhale

We write to extol the speculative merits of certain municipal revenue bonds, exempt from taxes and protected from inflation. Complex and controversial, these securities are high-yielding for a reason.

All you can eat

One could almost say that if this multiple-sprouting specialty retailer of natural and organic food didn't exist, Wall Street would have to invent it.

'Abundance of caution'

Open before us is a letter from a Swiss bank to an American client; "Zurich, October 2013" is the dateline. The security of one's funds is the subject of the letter--and the subject of this essay, too.

Deficits in self-awareness

"Regulators need to do more to create incentives to force banks to act sooner to steer away from impending icebergs," New York Fed President William C. Dudley tweeted on Oct. 18. Dudley may devote a second tweet to exploring the source of the icebergs.

November 1, 2013, Vol. 31, No. 21

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Not so fast, Joseph Schumpeter

We accept as fact that the 21st century is a time of wonders and prodigies--don't you wish you could show them to Benjamin Franklin? Yet in certain intellectual and policy-making circles, inflation today is courted like an old flame.

Lessons unlearned

In equity valuations, what's old is new again, James. S. Chanos observed at the Grant's conference. And what once was discredited is today being rehabilitated.

2014 rates preview

James Aitken told the crowd that "being less wrong on rates, in particular, is the key to making money" in the coming year. And how might one do so?

Yields on illiquidity

Paul Isaac, who has guided Arbiter Partners to a 10-year average annual return of 24%, held forth on fetching opportunities for those in a position to avail themselves of overlooked securities.

Crisis accelerant

Reading up on "risk parity" brought to mind an ant colony, Paul Singer told the conference comers. The investment strategy is not portfolio insurance, but there are similarities.

Long and short

Steve Galbraith channeled the spirit of Alfred Winslow Jones, progenitor of the American hedge fund, with one to buy and one to sell.

Free punch line

Martin Leibowitz, lead author of "Inside the Yield Book" (the third revised edition was recently published) told the audience that he was prepared to do something no author should ever do.

Klarman returns cash

When came his turn to speak, the president of The Baupost Group held forth on monetary policy, the search for cheap optionality, and his obligation to protect his clients' purchasing power.

For a lucky 13

If gold finishes the year above $1,675 an ounce, Trey Reik reminded the conference, 2013 would mark the 13th consecutive year of a bull market that many have chosen to forget. What caused it? Lipstick on the collar It's been a bumper year for private equity and the bank debt that finances it. The Fed leaves its telltale mark.

Lipstick on the collar

It’s been a bumper year for private equity and the bank debt that finances it. The Fed leaves its telltale mark.

October 18, 2013, Vol. 31, No. 20

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Speculative debt at a speculative price

Troubled borrowers are a dime a dozen in the leveraged world we live in. Vanishingly rare, however, are bonds priced to compensate an investor for the risks associated with that fact. Enter here a certain beleaguered credit.

Investing in Yellen

By the looks of things, the post-Bernanke Federal Reserve will be much like the Bernanke Federal Reserve, except, perhaps, more open-handed. The ideal hedge against the possible consequences of an overly aggressive monetary policy would be a value-laden equity that could prosper in any macroeconomic setting but could shine in an inflationary one. Herewith, candidates to fill the bill.

Warranty not included

From zero to 60 miles per hour was once the test of a thoroughbred-racing machine. From the original sticker price to the tens of millions of dollars is the new standard for the age of QE. As most everyone knows, the prices of tangible assets have taken flight. Why? is the question before the house.

A smaller world than you thought

Last month, McKinsey & Co. published results of a survey of 29 fashion and apparel chief purchasing officers responsible for sourcing $39 billion of goods each year. Is the world running out of cheap labor?

October 4, 2013, Vol. 31, No. 19

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Land of the mostly free

The more vexingly slow the rate of economic growth, the greater the pressure to legislate, regulate and stimulate. And the more heavy-handed the federal response to unsatisfactory growth, the smaller the scope for markets to operate, including the all-important markets in money and credit. Free interest rates, we say; suppress the central bankers.

Bullish on tumult

To judge by the market in volatility, a warm glow of hope is suffusing the stock market. Exchange-traded notes that appreciate when stock-market volatility subsides have returned 71% in the year to date. However, we think, tranquility is not for this era of threatened government defaults and actual government monetary manipulation.

Assets less crummy

On Sept. 19, a survey of investor sentiment uncovered a rare meeting of the minds: Everyone was bullish on stocks. This arresting fact we take as our cue to update an old theme. Sell bonds, buy blue chips, this publication counseled at intervals in 2010-11. An answer to the timely question, "What now?"

Raising the roof again

Over the past three months, the Bank of England, the Swiss National Bank and the European Central Bank have reduced their assets by a grand total of $128.2 billion. But the Fed and the Bank of Japan have more than compensated. Thanks to low interest rates, home prices are rising wherever English is spoken and even some places where it isn't.

September 20, 2013, Vol. 31, No. 18

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Memo to Morgan Stanley

On the occasion of the fifth anniversary of the 2008 financial upheaval, the CEO of Morgan Stanley, James P. Gorman, told the TV cameras, "I would say the probability of it happening again in our lifetime is as close to zero as I can imagine." We write to dispute that contention.

We said, he said

A new Hedgeye report on a midstream energy behemoth says "sell." A 2012 Grant's article on the same business said "buy." What do the bears just say? And what do we say now?

Forest and trees

Earlier this month, Jason Kidd bought $500,000 worth of the team of which he's the head coach, the Brooklyn Nets of the National Basketball Association. How different things might have been had he invested in the company that owns a portion of the team rather than the team itself.

Not so golden

Grant's draws the veil of charity over a certain exploration company.

Thin gruel for the yield-starved

On September 11, Verizon Communications issued $49 billion of debt, the most ever sold by any company in one fell swoop. Records keep falling in the corporate bond market, though--this is a forecast--investors will one day wish they hadn't.

September 6, 2013, Vol. 31, No. 17

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Short Koons, long Lincoln

For the price of a few dozen pounds’ worth of a contemporary steel sculpture, the value-minded collector can own a rare American historical document. An excursion into the broad intersection of art, value and vanity—and of history, central banking and fashion, too.

Ruble and a dream

When this publication dropped tools to head to the beach last month, emerging equity markets were still standing. Returning to the office, we find that they—and their currencies and bonds—are recumbent. Some are prostrate. Herewith, a survey of one near perfectly flattened branch.

Floor to ceiling

Since May, when the updraft in mortgage interest rates began, home-building stocks have fallen by as much as 30%. Sales of new, single-family homes have dropped off, and the rate of rise in house prices has leveled off. All of which frames the continued rise in the share price of a certain specialty retailer.

What they do

Insiders have been heavy net buyers at three of the mortgage real estate investment trusts that this publication has had under surveillance. A buy signal? Or just an expression of confidence?

File purge

A new ETF tracking the latest Chinese Five-Year Plan may be five years late given the signs of a purge of the leaders who would consummate the plan. In financial counterpoint: mounting evidence of a new liquidity surge.

August 23, 2013, Vol. 31, No. SB

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Vacation delectation

To the readers (and potential readers) of Grant’s:
The attached anthology of Grant’s pieces, both ancient and modern, is not only for you, but also for your friends—and co-workers, clients, classmates, shipmates, brothers-in-law and maids-of-honor, too. Please pass it along, with our compliments, to any and all prospective members of the greater Grant’s family.
We resume publication with the issue dated Sept. 6, 2013.

Sincerely yours,

James Grant

August 9, 2013, Vol. 31, No. 16

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Central bank to the world, perhaps

It isn’t just the American economy that’s hooked on ultra-easy money. Europe and Asia are, too. Which is to say, Paris and Seoul are rooting as hard for the continued nonstop printing of dollars as the leveraged speculators on Wall Street are.

Special situation redux

In its fair and balanced coverage of U.S. monetary policy, this publication censures the Fed for its downward suppression of interest rates. Yet, equally, we extoll the prudent exploitation of that public-policy blunder for private gain. Enter—or rather, re-enter—a certain value-laden real estate finance company.

Quartered and drawn

Mortgage REITs are the subject under discussion, and a timely topic it is. MBS--mortgage-backed securities—are hard enough to manage in ordinary times. They are extra rambunctious in interesting ones.

Hit by a truck

Revisiting a bullish analysis of a certain cyclical manufacturer.

Your pain was statistically unwarranted

From the research department of the Federal Reserve Bank of New York comes the welcome news that the 45 trading-day interest-rate levitation ending on July 5 wasn’t much to worry about, after all.

July 26, 2013, Vol. 31, No. 15

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Demobilizing the reserves

One day soon, banks will have on deposit at the Federal Reserve $2 trillion more than the rules require them to hold, a mountain of excess reserves that could, at the outer limit of what is theoretically possible in money and banking, support $20 trillion of new lending. What is the meaning of this imminent fact?

Inflation for bulls

The Nasdaq Biotechnology Index has levitated by 10.9% so far in July. And we mean levitated.

Elephants for sale

Herewith a survey of the “white elephant” branch of the otherwise prospering American house market—the mansions, countryseats, Newport cottages, cattle ranches or city penthouses that one generation prizes but another may shun.

Oz catches cold

China sneezed.

Interest rates 101

We humans want what we want when we want it. To salve the pain of delayed gratification, we ask for compensation, and we got it too, until ZIRP came along. It would be nice to know where interest rates are going. It would even be nice to know what they mean—a humbler, attainable aspiration.

Paper vs. rock

Disagreement is the motive force of every financial market—if everybody saw exactly eye to eye, prices would move straight up, straight down or not at all. In gold, there’s a conflict within a conflict.

July 12, 2013, Vol. 31, No. 14

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Events climb into the driver’s seat

Today’s central bankers are lionized because they seem to be in control of events. Unless we miss our mark, the new interest-rate narrative will turn things around. Events will be shown to be in control of central bankers.

Ask the governor

Governor Jeremy C. Stein of the Federal Reserve Board invited questions following his prepared remarks at the Council on Foreign Relations in New York on June 28. Your editor, who was in the audience, stuck up a hand. “Help us understand . . . ,” his question began.

Stormy weather

The interest-rate environment may be cruel, but it’s sweetness and light compared to the North Atlantic E&P environment. Concerning the upside (widows and orphans should now avert their eyes) of a highly leveraged special situation.

Cheap and cheaper

A certain development-stage owner of a world-famous gold deposit derives its value from the monetary asset that’s lately been losing its value. Which facts make the stock doubly cheap.

Unsafe havens

You can hardly beat a Canadian bank for safety and profitability. And for the cleverest system of mortgage finance, look no farther than Denmark. So the world believes, but the world may presently have to change its mind.

Anything but bonds

Rising interest rates left a $27.3 billion dent in the held-for-sale portion of the composite American banking industry securities portfolio last quarter. A good thing for the banks that they lend as well as invest.

June 28, 2013, Vol. 31, No. 13

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Revenge of the invisible hand

Only last month, stocks and real estate and other income-producing assets were capitalized for a 2% 10-year Treasury yield. But if 2% was a fake rate of interest, the valuations deriving from 2% were likewise ersatz. Thus, the world is making adjustments. Interest rates, causes and consequences, is the subject at hand. Subsidiary points of focus include monetary management and—a somewhat lengthier topic—monetary mismanagement. For the sake of his always fragile mental health, Mr. Market might recall a relevant precedent to today’s bond upheaval. Our plan of action is to place today’s turmoil in historical context, to review the dramatic events of recent weeks and, most important, to propose a course of investment action suitable for the occasion.

If accountants ruled the world

In the second quarter, the net asset value of the portfolio that Ben S. Bernanke manages declined by one-third of 1%. In contrast, the net asset value of the portfolio that Bill Gross manages declined by 5.2%. How did the chairman outperform Gross? Footnotes to the Fed’s H.4.1 report reveal Bernanke’s secret.

June 14, 2013, Vol. 31, No. 12

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On the authority of Bill Gross

The 32-year-old bull market in bonds is kaput, the founder of Pimco tweeted the other day. The implications of this seismic shift in interest rates (if such a shift has, in fact, occurred) is the subject at hand.

Rooting rates higher

Many a financial institution has been rooting for a normalized yield curve. The ZIRP-y structure of rates in place punishes them on both sides of the balance sheet. Low rates mean that assets yield less and liabilities cost more. Rising rates deliver a double measure of relief. Who stands to benefit?

Beijing to Sydney

Herewith an update on China (sinking), Australia (sympathetically sinking), and a handful of Grant's short-sale names (also sinking, except for the one that soared). Our longstanding China backstory has lately moved front and center. China's banking and credit structures are evidently cracking.

BRIC-laying

As we go to press, India is going out of business, or so it might appear. The rupee is quoted at 58.4 to the dollar, cheapest on record. India's current account deficit is swelling, inflation is raging, and car sales are dwindling. What to do?

May 31, 2013, Vol. 31, No. 11

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Welcome to the revolution

You need gray hair or a library card (or a subscription to Grant's) to know that the gold value of the dollar was fixed as recently as 1971. You need a good memory to recall the uproar that greeted Chairman Ben S. Bernanke's helicopter-money manifesto in 2002. We live in the midst of a monetary revolution, though few seem to know it.

'Inherently' unsafe

Government bond yields are higher than they used to be. We do not say they are "going up," because that would imply that we are predicting that they will continue to go up. But though we do not choose to forecast, we will take license to comment.

'Weird' is the word

According to data from Green Street Advisors, average office nominal cap rates stand at 5.6%, down from 8.8% in April 2009. The current average nominal cap rate is lower than any seen before the fatally optimistic era of 2006-2007. Herewith a comparative tale of weird, ZIRP-induced cap rates in thriving Austin and not-so-thriving northern New Jersey.

Sticks and stocks

The internal rate of return on hearth and home. Here's hoping the kids don't take the conclusion to heart.

Billiard balls scatter

Measured against the dollar over the past eight months, the yen has fallen by 24% while the renminbi has appreciated by 3% and the won has depreciated by 1%. The Ph.D. standard surely has no finer friends than the monetary elite in the world's No.3 economy. Evidently, money printing is the cross-cultural cure-all.

May 17, 2013, Vol. 31, No. 10

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Desperately seeking income

A certain trust, priced to deliver a very temporary double-digit dividend yield is Exhibit A. Junk bonds, sovereign debt and a certain financial institution comprise Exhibits B through one-loses-count. Now begins a new installment in the chronicles of the great yield famine.

First beach book

You'll be finished before you get home.

Puts on Ph.D.s

Let's say that the agents of financial repression misplay their hands and print the fatal redundant unit of scrip. Come the day of disillusionment, plenty will change, including, perhaps, the prices of the following trio of corporate equities.

Pole-vault yields

In the first quarter, falling mortgage-backed securities prices dented the book value of two of the biggest mortgage REITs, while a third mortgage REIT, tiny by comparison, sailed through almost un-dinged. Which of the three is the best candidate to continue to deliver yields in the low to mid-double digits is the topic at hand.

Alan Abelson, RIP

Remembering the progenitor of "Up and Down Wall Street."

Premonitions of a stock operator

The sound you hear isn't a snowbound driver futilely spinning his wheels (it's May in the Northern Hemisphere, after all), but the Fed performing its QE. Reflation, as this publication was not the first to perceive, is sometimes more easily said than done--in the Occident, at least.

May 3, 2013, Vol. 31, No. 09

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Memo to the bubble police

Federal Reserve investigators can't seem to detect more than a few market excesses traceable to the monetary policy of the Bank of Bernanke. To fill the void, this publication contributes the results of its own search for grievous distortions of asset values not unrelated to the availability of money.

Nuclear option

Having built the boilers for Teddy Roosevelt's Great White Fleet, a certain company grew and grew--only, much later, to file for bankruptcy protection and suffer from the plunging price of natural gas. Herewith, a bullish analysis of an underachieving stock.

Didn’t take long

Margin debt is back to the 2007 highs, while the price of implied volatility of the S&P 500 Index is back near its lows. In credit as well as in equities, fearlessness is in flower.

Read books, get rich

Where do ideas come from? Why, from books, sometimes. Three new (or newish) titles are well worth perusal.

Physical fever

Last month's 16% swoon in the price of gold instigated a worldwide countervailing up-swoon. "It's bizarre that the price has come back so quickly," Bloomberg quoted a market strategist as saying on Monday. Or as we propose, not so bizarre.

Cooperstown of yield

On April 18, the editor of Grant's was inducted into the Fixed Income Analysts Society Hall of Fame. Herewith is the edited text of his remarks on that festive occasion.

A difficult subject is the future

Macroeconomic forecasts aren't very useful except at short time horizons, and when the future closely resembles the present, is the breaking news from the research department of the European Central Bank. Still, every investor must guess about tomorrow.

April 19, 2013, Vol. 31, No. 08

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Break ball in billiards

Two weeks ago, Haruhiko Kuroda set markets in motion with a powerfully struck break shot. Where the caroming monetary, interest-rate, and volatility balls will come to rest is the subject at hand.

Onward and upward

On panic Monday, the year-to-date loss in gold came to 19%, that of gold-mining equities, 38%. Small wonder, then, that respectable people want nothing to do with producers of the barbarous relic.

Mr. Blackstone speaks

Stephen Schwarzman on the 2012 presidential election, due diligence, and the prospects of a certain publicly traded equity.

Japan for the money

For years, an appreciating yen has punished Japanese business (that is, the export-focused kind). Now, Mark Yusko told the conference, comes deliverance.

Japan at your peril

We humans tend to shut our ears to bad news, Kyle Bass explained, even in the face of overwhelming negative evidence.

Complexity made simple

Presented to the Grant’s throng as a specialist in abstruse and illiquid—or at the least, misunderstood—securities, Jody LaNasa did not disappoint.

For the long run

Timothy Walsh, chief fiduciary of the $70 billion New Jersey Pension Fund, oversees an investment portfolio that should not be confused with a hedge fund.

Debt drives inflation

John Cochrane explained to the conference comers that debt ultimately drives inflation, regardless of monetary policy. And what drives debt?

Friedman was wrong

Though the observed rate of monetary expansion is large, the measured rate of inflation is small. Blame the collapse in the rate of turnover of money, said James Rickards.

The ‘elegant’ solution

“A problem that is too big to be solved, won’t be solved,” Sean Egan proposed. “The parameters will simply be changed.”

Good old days

America’s fiscal, financial, and economic woes are intractable on their face, contended David Stockman. They look even worse in the light of America’s pre-Keynesian past.

It’s incredible

Chinese authorities claim that March exports registered year-over-year growth of 10% despite trade with the United States falling by 7% and that with the European Union by 14%.

April 5, 2013, Vol. 31, No. 07

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On the true meaning of Cyprus

In the first quarter, European peripheral states issued more debt than in any three months since the first period of 2010. In America, BB-minus-rated H.J. Heinz raised $3.1 billion through a sale of seven-year notes at the lowest interest cost ever attached to any public LBO-related debt in America. The message of the market is that Cyprus is a blip, or news particle. We write to contend that it is no such thing.

Concerning the one with the hair

Revisiting the prospects of a certain American automaker.

Tropical storm

In the municipal bond market, eyes today are locked on the city of Stockton, California, which is in bankruptcy proceedings, or on the state of Illinois, which perhaps deserves to be. We write to urge a refocusing. On a disaster long ago made but—somehow—forever new and worse.

Bullish on Greer, S.C.

Finance is the servant—the handmaiden—of commerce, not the other way around, as the ancients used to say. The whole point of stocks and bonds is production, not “carry” or commissions or bonuses. Recalling this truth, Grant’s redirects its gaze from the fleshpots of Wall Street to the future home of the South Carolina Inland Port.

In economists we trust

Does it not seem incongruous to chase after low-yielding fixed income securities denominated in the currency that a central bank is vowing to inflate and is taking concrete steps to inflate? To most—even, or especially, to the experts—it does not.

March 22, 2013, Vol. 31, No. 06

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The hardy flower of trust

Ideas are hard to contain. A governmental skimming of bank deposits, imposed from afar on a Saturday morning and presented to the victims as a “stability levy,” will, we think, be impossible to contain. The event will fade but the fact that it happened is indelible. Central banks cry out to be mistrusted.

Nuke ‘em

“Think of all the benefits that nuclear energy can bring to bear on a growing civilization.” The author of those words, which appeared on March 7, was none other than Patrick Moore, the Canadian co-founder of Greenpeace. Herewith, a bullish appraisal of the element that the greens once loved to hate.

Just looking

It’s nobody’s idea of news that Sears Holdings Co. and J.C. Penney Co. are on their uppers or that smart phones facilitate price comparisons or that you don’t have to go to the mall to go shopping. Yet, since the stock market took off four years ago, the Bloomberg REIT Regional Mall Index has out-returned the S&P 500 by 568% to 121%, counting reinvested dividends. To this anomaly we now turn.

Banking on China

Sitting in 126 crates on the Melbourne docks is a prefabricated, six-story hotel in which workers on BHP Billiton’s projected $22 billion harbor expansion project in Port Hedland, Western Australia, would lay their weary heads at night. But the project has been scrubbed, and the hotel-maker is broke. The resource-led investment cycle that has fed Australia’s growth is fading. What to do about it is the question before the house.

Markets get the last word

The Federal Reserve, which is on course to buy 60% of net Treasury issuance this year, is investigating any fund holding $2 billion or more in 10-year Treasurys on suspicion of price manipulation. “Holding large positions in Treasury bonds isn’t illegal,” a March 16 Wall Street Journal dispatch helpfully notes. Neither is price manipulation—if you happen to be Ben S. Bernanke.

March 8, 2013, Vol. 31, No. 05

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Shot clock for capitalism

The Federal Reserve's toy interest rates give economic actors too much time to stall and dither. Zero-percent rates institutionalize delay in everyday business and investment transactions. They lead to postponement of needed adjustments. It’s as if basketball never got the shot clock.

Rain of grain

In constant dollars, reports the February edition of the AgLetter published by the Federal Reserve Bank of Chicago, Seventh District land prices—i.e., Illinois, Indiana, Iowa, Michigan and Wisconsin—leapt by 52% over the past three years, the most since the mid-1970s. On cropland values, money printing and wheat.

Odd couple speaks

Herewith, Grant’s compares two recent interest-rate commentaries: The first by Ben S. Bernanke himself, the second by John Hathaway, co-portfolio manager of the Tocqueville Gold Fund. Interestingly, the manager of the country’s top gold fund by assets agrees with much of what Bernanke said. But the substance of Hathaway’s remarks differs in radical and revealing ways from Bernanke’s

China sneezes

Lesley Stahl, anchor of the eternal weekly American TV news program “Sixty Minutes,” asked Wang Shi, chairman of China Vanke Co., the mainland’s largest homebuilder and developer, if there’s a real estate bubble in China. “Yes, of course,” replied Wang. So the capitalists caught on to the China bubble before the Communists did. But, we think, the capitalists have not fully exploited every short-on-China trade.

Metals redux

Revisiting bullish calls on precious metal exploration companies, as well as a certain industrial metal producer.

From Harare to Tokyo

Buying long-dated Japanese Government Bonds, as Shinzo Abe’s pick for the next governor of the Bank of Japan suggested on Monday, may not save the Japanese economy, but it would allow Japanese banks to jettison their holdings of government securities, which amount to 900% of Tier-1 capital. Walking the path so famously trod by the Reserve Bank of Zimbabwe.

February 22, 2013, Vol. 31, No. 04

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Yellen from the heart

The facts of the dismal labor market "are not just statistics to me," the Vice Chairman of the Federal Reserve Board told the AFL-CIO on Feb. 11. Indeed, they constitute a terrible indictment of something or other in the management of American economic and financial affairs. But what might that something be?

Oases of income

Try as it might, the Fed can’t seem to stomp out every last source of interest income in America. Mortgage REITs and business development companies, for instance, still yield enough to sustain the body and spirit of your favorite charity, retiree or lay-about heir. An update on the risks and rewards of yield hunting.

Martin Zweig, RIP

Remembering the progenitor of the Zweig Forecast.

'Burbs go begging

At year-end 2012, the average price of income-producing real estate in the United States was 20% below the peak, according to Moody’s/RCA Commercial Property Price indices. It was, however—let the inflationary glass be half full—33% higher than the January 2010 trough. Herewith a survey of value, non-value and leverage.

For the unrepressed

Of the 25 largest global buyout transactions executed in the golden age of 2002-2007, only two failed. The largest private equity funds survived, and the limited partners met their financial commitments. So the world loves the big public purveyors of private equity and so-called alternative assets?

Money most hated

Most of the world’s major central banks are resting on their oars, but investors seem willing to bet that the lull in money printing is temporary. The yen is now the most shorted currency in the world, according to Tuesday’s Financial Times, followed by sterling. Gold must figure in the most-hated list, too.

February 8, 2013, Vol. 31, No. 03

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The man with the perfect resumé

Neither by his looks nor by his credentials would you take the imminent governor of the Bank of England to be a monetary radical. That's because the unconventional policies he advocates today seem almost conventional.

Standing pat

In which we update, and reiterate, our views on a pair of familiar Grant's names

As if it never left

Credit must be older than Methuselah, but it heals like a youngster. Left for dead in 2009, it's back and almost as frisky as it was on the eve of its life-threatening accident. In a macroeconomic sense, it is a very good thing. But in a microeconomic sense?

In dusty corners

In pursuit of the yields formerly known as "high," investors winged $254.2 billion into taxable bond mutual funds in 2012. The influx worked its bullish magic on prices and yields of the larger, more liquid names. But it hardly nudged the prices of issues in the minnow class of speculative-grade debt.

'A totally bankrupt state'

What would "normalcy"--Warren G. Harding's word--look like in monetary affairs? Some central bankers are beginning to demonstrate. However, not all of Europe is content to watch Ben Bernanke or Masaaki Shirakawa's replacement print until the cows come home while Mario Draghi sits on his hands.

January 25, 2013, Vol. 31, No. 02

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In case the music stops

Institutionally sponsored bearbaiting arrived on Wall Street with the Jan. 3 debut of a financial instrument created to punish the short sellers. Probably, Deutsche Bank wouldn't have marketed its creation unless its clients asked, and its clients wouldn't have asked unless they were very bullish. Never go unhedged.

Gold by the share

Gold goes up, the gold-mining stocks down, even the ones that don't deserve to. Herewith an investigation into the whys and wherefores of the great divergence, along with a friendly look at a project that Robert Redford despises.

Call on prosperity

A well-financed company once beloved for its growth is now shrinking--its share count. But maybe growth is not such a forlorn hope, either for the company or for the country.

Never mind the side effects

"The greatest investing lesson for you during the past five years?" To this query of the CFA Institute, 59% of respondents recently replied: "Central banks and governments will continue to bail out troubled creditors." Lesson learned--and not just in America.

January 11, 2013, Vol. 31, No. 01

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Lower the debt ceiling

On Dec. 31, the national debt bumped its head against the statutory ceiling that never seems to contain it. That would be $16.394 trillion, or the cash equivalent of 360.7 million pounds of $100 bills. In possession of paper money and the reserve-currency privilege, a nation of saints might resist the urge to overdo it. As for us mortals, the debt ceiling speaks for itself.

Too much gas

When we published our analysis on a certain royalty trust dated Oct. 15, 2010, the stock fetched $22.64 a share. Today, it’s quoted at $17.20. Did a cheap stock get cheaper?

Returns to illiquidity

In this Fed-centric world, people are spending less time reading corporate filings and more time parsing the deliberations of their monetary masters in Washington, D.C. So much the better for the inefficiency of markets, we say. Herewith, an exercise in security analysis.

Stop trading

In trying to knock down recent unsigned allegations in Ming Pao Daily of Hong Kong, China’s No. 2 producer of construction equipment professed its fidelity to normal Chinese accounting conventions. Little enough comfort in that.

At ease

The old year closed with a slower gait of money printing in Europe, Britain and the People’s Republic. The pace of dollar creation, too, has slackened from the white-hot days of early QE, though there seem to be plenty of greenbacks to go around: Foreign exchange swaps between the Fed and other central banks plunged to $8.9 billion on Jan. 2 from $109.1 billion as recently as Feb. 15, 2012.