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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 Affirm Holdings, Inc. Africa Opportunity Fund Agco Corp. AGNC Investment Corp. Agnico-Eagle Mines Aioi Insurance Airbnb, Inc. Airborne Freight Corp. AK Steel Holding Corp Akamai Technologies Akenerji Elektrik Uretim A.S. Alaska Milk Alcoa Alexander & Baldwin Alibaba Group Holding Ltd Alleghany Corp. 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 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 AppFolio, Inc. Apple, Inc. Aradigm Corp. Aramark ArcelorMittal Arch Capital Group Arch Coal Arcos Dorados Holdings Inc. Ares Capital Corp. Arkema Arrow Global Group plc. Artemis Alpha Trust 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. Atrium European Real Estate Ltd. 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 Azul S.A. 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. Carvana Co. 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 Evergrande Group 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. Clorox Co. CME Group CNA Financial Corp. CNH Global N.V. CNX Gas CNX Resources Corp. Coca-Cola Co. Coca-Cola Icecek A.S. Coeur d’Alene Mines Corp. Comcast 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 CoreSite Realty Corp. Coronado Biosciences Corporate Travel Management Ltd. Costco Wholesale Countryside Properties plc 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 Dish Network Corp. 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. European Wax Center, Inc. Everbridge Inc. Evercore Partners Inc. Evotec S.E. Exide Technologies Exor SpA Expedia Experience Investment Corp. 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. Fisker Inc. Fleetwood Corp. Flowserve Corp. Fluor Corp. Fondual Proprietatea Ford Forest City Enterprises Forestar Group Fortescue Metals Group Ltd. Fortress Investment Group Fortress REIT Ltd. 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. G5 Entertainment A.B. Gannett GATX Corporation Gazprom OAO Genco Shipping & Trading Limited General Cable Corp. General Electric General Motors General Shopping Brasil S.A. Genesee & Wyoming Inc Glatfelter Corp. Glencore PLC Global X Uranium ETF Gol Linhas Aereas Inteligentes S.A. 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 Greencore Group plc Greenhill & Co. Greggs plc Greif Inc. Gresham House Strategic plc 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. Halliburton Co. Hamilton Lane, Inc. Hancock Holding Co. Hanesbrands Inc. Hang Seng Bank Ltd Hannon Armstrong Sustainable Infrastructure Capital, Inc. HarbourVest Harman International Hatteras Financial Corp HC2 Holdings Inc. Heartland BancCorp Heartland Value Fund Hecla Mining Co. HEICO Corp. HeidelbergCement A.G. Helen of Troy Ltd. Hercules Capital Inc. Hermes International Hewlett Packard Enterprise Co. Hewlett-Packard Hochschild Mining Home Capital Group Home Depot HomeAway Honam Petrochemical Horizon Kinetics Inflation Beneficiaries ETF 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 Innovative Industrial Properties, Inc. InRetail Peru Corp. Intel 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. JBG Smith Properties 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. Kazatomprom GDS 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 Lemonade, Inc. LendingClub Lennar Corp. Leo Holdings Corp. LifeLock Ligand Pharmaceuticals, Inc. Light S.A. Lincoln National Corp. LinkedIn Corp. Linn Energy Live Nation Entertainment, Inc. Lloyds Banking Group Loews Corp. Loma Negra Companía Industrial Argentina S.A. Lordstown Motors Corp. Lowes Companies Lufkin Industries Lukoil OAO Lumber Liquidators Holdings Luminar Technologies Inc. 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 Martin Marietta Materials Inc. MasTec Inc. Mastech Holdings Matthews International Corp. MBIA Inc. McDermott International McDonald’s Corp. MCG Capital Corp. mdf commerce, Inc. Medallion Financial Corp. Medtronic Merrill Lynch Merrimack Pharmaceuticals, Inc. Meta Platforms, 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 Mister Car Wash, Inc. Mitsubishi Corp. Mitsubishi UFJ Financial Group Moderna, Inc. Moelis & Co. Mohawk Industries, Inc. 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 New Providence Acquisition Corp. Newcrest Mining Ltd. Newfield Exploration Newmont Mining Nielsen Holdings plc Nike Nikola Corp. Nippon Active Value Fund Nissay Dowa General Insurance Norcros plc 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 Novus Capital Corp. 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. PacWest Bancorp Palm Valley Capital Fund Pan American Silver Par Pacific Holdings Paragon Offshore Paramount Resources Ltd. Parapet 2006 Paris Orleans SA Parkway Inc. Parsley Energy Inc. Partners Group Holding A.G. 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. QuantumScape Corp. 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. Redrow plc Redwood Trust Regions Financial Regis Resources Ltd. Reis Inc. Reliance Industries Ltd. Renewi plc Repros Therapeutics Republic Services Inc. Research in Motion Resolute Energy Restaurant Brands International Inc. Restoration Hardware Holdings Richemont SA Rio Tinto Ltd. Rite Aid Rollins, Inc. 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 Simplify Interest Rate Hedge ETF Singapore Airlines Sino Gold Mining SL Green Realty Corp SLR Investment Corp. Smithfield Foods Snap-on Inc. Societe Generale Societe Internationale de Plantations et de Finance SoftBank Group Corp. 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 Inc. Sprott Physical Gold and Silver Trust Sprott Physical Gold Trust Sprouts Farmers Market Square Inc. St. Joe Company STAG Industrial Starboard Value Acquisition Corp. 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. Tattooed Chef Inc. 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 Texas Roadhouse, Inc. TGR Financial , Inc. The Fresh Market The Intertain Group Ltd. The Williams Companies, Inc. THL Credit ThyssenKrupp A.G. TICC Capital Corp. Tidewater Inc. Tiffany & Co. Tile Shop Holdings Time Warner Cable Tocqueville Gold Fund Tourmaline Oil Corp. Tower Hill Mines Ltd. TransDigm Group Inc. Transocean Ltd. Transportadora de Gas del Sura SA Treasury Wine Estates Trex Co., Inc. Trinity Industries Triple Flag Precious Metals Corp. Tupperware Brands Turkish Airlines Turkiye Garanti Bankasi A.S. 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 Viad Corp. Viking Therapeutics, Inc. Virgin Galactic Holdings 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 Warby Parker, Inc. 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 Income 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 23, 2014, Vol. 32, No. WB

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Happy and Merry 2014

To the readers, and--especially--potential readers, of Grant’s: This anthology of recent articles, our annual Grant’s Holiday e-issue, is for you. Please pass it along, with our compliments, to any and all prospective members of the greater Grant’s family. Not yet a subscriber? Make yourself the gift of a year’s worth of Grant’s and get two issues added on to your subscription. That’s a $200 value. We resume publication with the issue dated Jan. 9 (don’t miss it!). Sincerely yours, James Grant

December 12, 2014, Vol. 32, No. 24

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Hugs for the hedged investor

In the year to date, the S&P 500 has risen by 11%, the average hedge fund hardly at all. For many long years, to hedge has been to lose. To all things come their season.

Baiting a hook

Panic, or the lack of it, is the subject under review. “Speculate like you mean it” is the message.

Remit No. 3

Monetary reaction to the whiplash markets of the ides of October is one point of focus. The cartoonishly oversupplied New York money market makes a second. Is the Fed willing or able to tighten?

Debt on the outs

Leverage comes a cropper on Tuesday.

November 28, 2014, Vol. 32, No. 23

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Quest and ye shall find

There ought to be deflation, these pages have long contended. As the cost of making things falls, so should the price of buying them. Which brings us to a certain Big Board-listed case study in the progress of the species.

Built by bonds

RIP, Jim Lebenthal.

Preferred income

Mortgage REITs deliver income but not always serenity. The common shares pay big dividends until the yield curve becomes disarranged or mortgage prepayments accelerate. Then—poof! There are safer yield vehicles.

Opportunity in confusion

Herewith a survey of risk and opportunity in the junk bond market, post the energy bust. This is the time for security analysis.

Rootin’ for Putin

As to credit risk, these bonds share the triple A credit rating of their issuer. As to currency risk, they bear the mark of Cain. If a widow or orphan is reading, would he or she kindly now refrain?

Trap of a different kind

Try as they might, all the central banks can’t devalue every currency. At least, they can’t successfully devalue—all at the same time—against each other. But they seem to be testing the possibilities.

November 14, 2014, Vol. 32, No. 22

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Read the footnotes

Vanguard Group Inc., which beats the mutual fund industry by not trying to beat the stock market, attracted more money in the first 10 months of 2014 than it did in any calendar year of its storied 39-year history. Costs, returns and fads are the topics under discussion.

Unaccountably cheap

If efficient-market doctrine were correct, the share price of a certain alternative asset manager would likewise, necessarily, be correct. As we doubt the doctrine, so do we doubt the price. It is too low.

Pick to not click

Mr. Stock Market is fully attuned to the problems of this major oil producer. Mr. Bond Market needs to focus.

Monetary action agenda

With respect to the radicalization of monetary policy, investors en masse resemble the sleepy frog in the warming saucepan. They don’t jump out while the jumping’s good.

Race to debase

A strong exchange rate is the Old Maid of global trade. If neither the dollar nor the euro nor the yen nor the franc nor the renminbi will bear a high exchange rate, which monetary medium will consent to excel?

October 31, 2014, Vol. 32, No. 21

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Rise of the machines

On Oct. 15, the steady-eddy markets in senior securities underwent a 24 hour personality transplant. Was this a flight to safety, or a stampede from it?

Case for inactivism

Rare is the eminence who willingly addresses an unwelcoming audience. Martin Lipton holds forth at the Oct. 21 Grant's conference on the menace of activist "wolf packs," members of which had front row seats.

Ackman on Lipton

After lunch, the microphone passes from critic to alpha wolf.

Extreme contrary opinion

Cullen Thompson and Ian Hague sing the praises of pariah markets.

Red sunset

China has twice as much debt as a year's GDP. That debt is growing twice as fast as GDP. Charlene Chu probes the consequences of those interesting facts.

Three thousand millionaires

Capitalism, the rise of Home Depot, margin debt, political investing and common stocks are the subjects on Ken Langone's mind.

Man with a plan

Plan 'A' for the serious investor is to deal with the financial world as it is. Plan 'B' is--or ought to be--a monetary alternative. So says Simon Mikhailovich.

Just stay home

In lending and borrowing--and tractor maintenance, too--the local market's best, according to Bruce Greenwald.

Banking on Africa

Bob Diamond identifies the problem: undercapitalized, overly complex, meagerly profitable, too-big-to-fail European Banks. Now for the solution.

SNBN is the Ticker, in Zurich

The Swiss National Bank (it's a stock, incidentally) finds itself in the crosshairs of an angry public.

October 17, 2014, Vol. 32, No. 20

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Case for an un-taper, Part II

America and the world are joined at the economic hip (a joint evidently in need of replacement). So the Bank of Yellen will do its duty for the world as it sees that duty. We write to refresh and reiterate the forecast that the Federal Reserve is stuck with the radical policies it has foisted on all the earthlings.

Yield times four

Savers need something besides consolation and a Social Security check. What they need is income—safe, dependable and (to the extent possible) lavish. Pending the return of the 6% Treasury bill yield, next best alternatives are the subject under discussion.

Yield to hope

The weight of debt in the world is one topic at hand. The puny yields attached to that debt is a second. Finally, just what does it take for a sovereign to be denied access to the bond markets?

America the defaulter?

A deep and textured topic is emerging market sovereign debt.

The Rule of 72—a deflationary update.

People weaned on rising prices are struggling with stable ones.

October 3, 2014, Vol. 32, No. 19

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What they wish for

Mario Draghi worries lest the euro go from hard to very hard. As it is, the single currency buys too much, holds its value too faithfully, the ECB president says in so many words. His preferred North Star? The consensus of speculative opinion concerning the remote future.

Yield on sale

Income is what many need nowadays—while balancing credit and interest rate risk, of course. Herewith, some ideas on how to procure it.

Bonds of debt

A certain Latin American energy company’s debts are ubiquitous. Are bondholders being compensated for the risks they bear? A story of credit, interest rates, politics--and liquidity too.

The dollar’s strength saps Asia’s

Over the past three months, the U.S. Dollar index has rallied by 7.7%. Export powerhouses like South Korea and Japan, you would think, should be booming. They aren’t.

September 19, 2014, Vol. 32, No. 18

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The balance sheet that ate Switzerland

Like a celebrity in flight from the paparazzi, the Swiss Confederation demands protection from its pesky admirers.

‘Timing artist,’ RIP

Paul Macrae Montgomery, proprietor of the Universal Economics technical service, died on Sept. 6 at the age of 72.

Sell advisory

Physicians get sick, lawyers run afoul of the law and financiers make ill-advised financial choices. Herewith a skeptical look at the recent doings of some of the leading lights of Wall Street.

Heavy seas

Toward Russia, Ukraine, and the West, these pages have taken the approach, “this too shall pass.” It hasn’t yet, Mr. Market continues to remind us.

Wages of complexity

Central banks are printing rules almost as fast as they’re printing money. With apologies to Hyman Minsky, this is a monetary moment.

A cloud no bigger than a man’s hand.

Outside of the go-go, upsizing world of tech investing—Twitter and Alibaba make handy examples—cracks in corporate financing are starting to appear.

September 5, 2014, Vol. 32, No. 17

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So long then, Cristina Fernandez de Kirchner

Inflation. price controls, capital controls and expropriation, do, ultimately, bear fruit in the shape of collapsed asset values. The Argentine opportunity is the subject at hand.

Ebola, ISIS, deflation

Two of the above-captioned perils exist in fact. The third is a phantom.

Narcolepsy blues

Sky-high margins, ultra-low tax rates and blisteringly fast sales growth are the historical facts surrounding a certain pharmaceuticals business. Falling margins, a rising tax rate and decelerating sales growth prove to be the prospective salient features.

Three amigos

That we love ‘em and leave ‘em—our long ideas, that is—is a longstanding criticism of the management of these pages. Hence the following “where are they now?” analyses of a trio of Grant’s names.

Cutting out the middle man

New Chinese credit flows in May and June jumped by 51%, year-over-year. The People’s Bank twice cut reserve requirements for smaller banks in April and June. Yet the world’s second-largest economy sputters.

August 22, 2014, Vol. 32, No. SB

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Vacation delectation 2014

To the readers, and potential readers, of Grant’s:
This anthology of recent articles, our summertime e-issue, is for you. Please pass it along, with our compliments, to any and all prospective members of the greater Grant’s family.
Not yet a subscriber? Make yourself the gift of a year’s worth of Grant’s and get two issues added on to your subscription. That’s a $200 value.
We resume regular publication with the issue dated Sept. 5 (don’t miss it!).

Sincerely yours,

James Grant

August 8, 2014, Vol. 32, No. 16

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Leave your worries in the inbox

To herd income-starved savers into junk bonds and equities was no trouble at all. To manage a comprehensive exit from those overvalued positions will prove a tougher undertaking.

Yield to steepness

Obscure, scarce, illiquid, generally callable, potentially volatile and not quite self-explanatory, these oddball securities may be. We judge that their merits trump even their flaws.

For the outcasts

Concerning a worrying, far-away geopolitical conflict, Grant’s takes the position, “This, too, will pass.” A bullish survey of pariah stocks.

Soil erosion

Farmland values climbed with rising corn prices and tumbling interest rates. Now the cycle turns. We write for urbanites, suburbanites, exurbanites and agriculturalists alike.

Macro-prudential Swiss cheese

Low rates and easy money are making waves across the Atlantic. An endless supply of a certain “hard” currency.

July 25, 2014, Vol. 32, No. 15

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A short history of 2%

Having money and needing income, yield-deprived investors will invest in the opportunities that the promoters put in front of them. First comes the laughter, then the tears.

Hello, Jay Carney

On the market timing of the press secretary—and that of Grant’s.

Meet Valeant Jr.

With its zippy share price and fashion-forward business model, Valeant Pharmaceuticals International Inc. has become a kind of drug industry idol. One of Valeant’s many votaries is the subject at hand.

Good dog, Snoopy

One particular passage in the text of last week’s Humphrey-Hawkins testimony had the owners of life insurance stocks blowing kisses at Janet Yellen. The bulls wish that she had said not one word more.

Fasten your seatbelts

This long-successful distributor of nuts and bolts faces intensifying competition and diminishing profitability. Is multiple compression next?

Stay-cations for Wall Street

Nearly four million pounds of paper money do create a sense of inflationary anticipation. But where’s the thing itself?

July 11, 2014, Vol. 32, No. 14

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Sell to whom?

A revered bond mutual fund plays fast and loose with the gospel of liquidity. Advice to its investors: If it ever comes down to a run, run early.

Just you wait

Many lush bull-market months have skipped by since our upbeat analysis on a certain leveraged real estate company. The subsequent derisory rise in the share fairly demands a reappraisal.

Fun starts now

An influx of talent and capital into the single-family rental market has dampened the rate of rise in house rents to well below that of apartment rents. A temporary disappointment?

Left hand, right hand

Addressing a friendly audience at the International Monetary Fund last week, Janet Yellen pledged to tackle emergent financial risks with rules, not interest rates. “Good luck with that,” we say.

Green shoots have windows

Banks are lending and someone, of course, is borrowing, but to what end?

June 27, 2014, Vol. 32, No. 13

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‘Doesn’t have to be a reason’

Millions of people can’t predict baseball, and billions can’t predict soccer. As for interest rates, commodity prices, exchange rates, GDP growth, the weather, and equities, the cream of Wall Street can’t seem to predict them, either. On the difficulties—and opportunities—in the top-down branch of the speculative arts called global macro.

FedEx’s little friend

A small REIT with a big dividend is the subject under discussion—that and the boom in e-commerce, the widening of the Panama Canal and the gift of scrawny interest rates.

Lucky or smart?

Almost exactly one year ago, this publication pitched an investment in warrants to buy bank shares coming out of the crisis-era TARP program. The warrants have levitated, though not for every reason adduced in our analysis.

Neighborhood’s changing

A defining characteristic of today’s boom is the legacy of yesterday’s bust—not just the memory, but the consequences. Herewith a survey of the central-bank-engorged commercial real estate market.

Bye-bye, Jay Carney

This publication wishes to thank the now former press secretary for his public service—and his market timing.

Ugly contest

Scandal-ridden New Jersey, where the Christie administration is under investigation for possible defrauding of bondholders, is just one issuer of dubious credit quality sporting a miniature interest rate.

June 13, 2014, Vol. 32, No. 12

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Springtime for price discovery

Uber and Adam Smith stand for price discovery, the central bankers for price administration. The latter may be futile, but it’s not without consequences—or opportunities.

Piketty’s charges

On the magic of compound interest.

Book’s closed

The road to riches is poorly marked, long and winding. A bullish analysis of a complex financial business that travels some of the most remote stretches of that storied thoroughfare.

A million for Pierre

A survey of some of the most unloved and under-owned stocks in the world. Can you guess which legacy monetary medium they dig from the earth?

Heads I win

Single-B rated Cyprus, recently returned from the dead, is ready to meet the clamoring demand for new, low-yielding debt. Thoughts on better ways to snag a euro yield.

May 30, 2014, Vol. 32, No. 11

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Upside breakout on heavy volume

Narenda Modi, who won the world’s largest election not so much in a landslide as in an earthquake, has already achieved the seemingly impossible. The meaning of this signal event for the readers of Grant’s is the subject at hand.

Going down

On May 21, a leading Chinese daily crystallized the mainland’s real estate situation: “The rich have sold, the banks are scared, the government won’t come to the rescue and developers are frantic.” On turning this predicament to profit.

All ahead full

A half-decade ago, few spared a thought for liquefied petroleum gas. Today, the United States is a growing net exporter of that shale-derived substance. One company, in particular, stands to benefit.

No way to win

In the "high"-yield market of 2014, Wall Street and the Federal Reserve have combined to create securities that present their holders with the near certainty of loss, should the price level rise or fall.

Reality check

One might suppose that corporate accounting conventions furnish less scope for make-believe than national income accounting protocols do. The truth is otherwise.

May 16, 2014, Vol. 32, No. 10

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From Russia with value

You can have cheap stocks or good news, but you can’t have both at once. The profitable application of the Joe Rosenberg dictum is the subject at hand.

Couldn’t be better

A certain capital-equipment lessor has not one complaint about America’s weak-as-water business expansion—wherein lies the trouble.

Rentiers wear sweaters

The in-house schizophrenia of the pink paper has come to a full boil.

Siren song of 6%

“Laws are like sausages. It is better not to see them being made.” In 2014—with all due respect to Count Otto von Bismarck—yields are like sausages.

Heavy lifting

The evident hack attack on the online wallet of the crypto-currency Dogecoin will cause no grave monetary loss; it’s the principle of the thing that’s telling.

Not enough houses

News that Americans bought 6.3% fewer houses in the first quarter than they did a year earlier fits right in with the prevailing new bearish script. What the housing bears might have overlooked.

May 2, 2014, Vol. 32, No. 09

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None dare call it price control

Because the federal funds rate has fallen and can't get up, the Fed is engineering a new master money-market interest rate. Herewith an inspection tour of the "fixed-rate, full-allotment overnight repurchase facility." Dr. Feelgood is alive and well in Washington, D.C.

Alex Porter, RIP

The founding partner of Amici Capital died at his farm in Davidson, N.C. on Good Friday.

Sacrificial creditors

That $46 billion bid for Allergan Inc. by Valeant Pharmaceuticals is widely decried as "hostile." Bondholders would likely agree. A word on golf-course-gate.

Hurricane warnings

Tax-exempt investors have their own special metabolism. They seem not to react to bad news until someone presents them with an old newspaper and commands them to sit down and read it. In a certain Caribbean paradise, ominous news piles up.

Garbage time

Not so long ago, Americans were drowning in refuse. It seemed there was no place left to put it. That was then.

Model risk

The Federal Reserve and the Bank of Japan each meet on Wednesday. Different though the two institutions might be, they breathe the same erroneous theoretical ether.

April 18, 2014, Vol. 32, No. 08

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The art of inflation

How many Old Masters for a seven-foot, $25 million Popeye? How many Esteban Murillos for a 21st century Oscar? Shedding bright new light on the cycles of taste and value in art and central banking alike.

Awful to bad

"My No.1 rule of investing," Arjun Divecha told the Grant's Conference-comers, "is you make more money when things go from truly awful to merely bad than when they go from good to great. And I'm going to show you some examples of truly awful." He was as good as his word.

Pretty darn rational

Some contend that markets are generally efficient. Others--perhaps better acquainted with the nut they call Mr. Market--deny it. Cliff Asness, money-maker and scholar, settled the argument.

Too few buildings

The editor of Grant's gently interrogated Jonathan Gray, global head of real estate at the Blackstone Group, on house prices, Indian real estate, the Blackstone Mortgage Trust, office buildings and other timely topics.

Treasury melt-up?

Surveying the bond market, Jeffrey Gundlach, CEO of DoubleLine, declared that Treasurys are historically cheap. That is, compared to Treasurys, nearly every other kind of debt security is historically rich. Wait till the bears have to cover.

Bubble's in biotech

Is 2,000 times earnings the right valuation for companies that, nine times out of 10, strike out? Joe Lawler weighed the evidence.

Cataclysm tomorrow

The junk-bond market suffered a disastrous 2009, all right, allowed Marty Fridson. But, he cheerfully added, just wait till 2016.

Land of refuges

As China decelerates and the Federal Reserve ruminates, what's an investor to do? Invest in Africa, proposed Francis Daniels.

When, oh when?

Story stocks are seasonal plantings; they flower in bull markets. Never-never stocks, explained Andy Redleaf, founder and CEO of Whitebox Advisors, are perennials; they bear fruit in all seasons--for the insiders.

What they wish for

The consumer price index rose by 1.5% in March, measured year-over-year, the Bureau of Labor Statistics announced on Tuesday. Shoulders must have sagged in the Eccles Building.

April 4, 2014, Vol. 32, No. 07

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Killing them with kindness

Janet Yellen has already secured her legacy as the most empathetic chairman in the history of the Federal Reserve. Her remarkable speech in Chicago on Monday can be read as nothing less than an indictment of the institution of price discovery.

Yield to worst

"The food is terrible," to quote the famously ambivalent restaurant review--"and the portions are so small." Much the same can be said of today's junk-bond market. The yields are terrible--and there's not enough new supply to satisfy the clamoring demand. On the art of selling what you don't even own.

Somewhat efficient

On March 25, Facebook Inc. agreed to buy Oculus VR, a private, development-stage maker of virtual-reality goggles, for $400 million in cash and $1.6 billion in stock. Oculus had a very good day--as did one homonymic other.

Banking on India

On average, the Indian stock market is neither cheap nor dear. The heart of the investment narrative is rather revealed in the investment peaks and valleys--one fertile and ill-favored valley in particular.

Borrowing way too well

Expressed as a percentage of world output, borrowings of governments the world over jumped to 79% in 2013 up from 62% in 2007, according to the IMF. And what did the sovereigns get for their money?

March 21, 2014, Vol. 32, No. 06

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To India and back in just six days

The oft-told Indian growth story would be a gift to the world if it finally did unfold--say, under a new leader who redirected the Indian bureaucracy away from its customary work of thwarting Indian enterprise. Herewith, a financial travelogue.

Fade the flack

On Tuesday, White House press secretary Jay Carney proffered a stock market tip.

Pirates of the Caribbean

King Neptune himself would quail at the difficulties of bringing the deposits of this royalty trust into production--unless, perhaps, he were a qualified investor looking for a high-risk, high-reward option on higher energy prices.

On the boil

The Fed wanted a "wealth effect," and Wall Street pitched in to help.

Middle Kingdom report

The big news from China is that even the good news leaves something to be desired. Debt is the old problem, but there's a new twist.

Slippery slope

While exploding reserves at American banks have not yet led to surging money growth, we are still early in an unprecedented monetary experiment.

March 7, 2014, Vol. 32, No. 05

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All together now, buy stock

We humans seem genetically incapable of buying low and selling high. Especially are we prone to do the opposite when gathered together in corporate boardrooms. Share repurchases--their use and, especially, abuse--is the subject at hand.

Drug dealer

A financialized age has at last produced a financialized pharmaceutical company. Herewith, a long look at an enterprise that does its compound-hunting not in the laboratory but in the stock market.

Heads in the cloud

Lenders and borrowers long ago put risk aversion in the rearview mirror. New evidence suggests that the credit cycle is entering its manic phase. Heed the wisdom of an "old, beat-up commercial finance guy."

Under the Boardwalk

Shares of a certain master limited partnership was sawed in half last month. It was a mortification--indeed, a double mortification. Now for an analytical reassessment.

Thieves break through and steal

The spate of digital robberies may lead the bitcoin world where many a libertarian wishes it wouldn't go. On the competition between the alternative money you can't see, on the one hand, and the one you can, on the other.

February 21, 2014, Vol. 32, No. 04

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Up and at 'em, Mr. Bear

Picking up where the Bernanke market ended, the Yellen market leaves a vapor trail of joy and doubt. As to the latter, we have boatloads.

Lucky strike

Scavenging for yields presents one kind of risk, smoking cigarettes another. Combine the two, and you get tobacco bonds. Bad news and good news have lately vied for the market's attention.

Anchors aweigh!

Christine Lagarde doesn't seem to want prices to fall, Raghuram Rajan doesn't seem to want prices to rise, and Charles Evans doesn't seem to want prices to remain the same. What the poor nations can teach about the art of inflation.

Terra frisky

Relative to other asset classes, "land prices, I would say, suggest a greater degree of overvaluation," Janet Yellen testified last week. Taking our cue from the chair of the Federal Reserve Board, we investigate the ground on which houses grow.

Warsaw to Mt. Gox

When early this month the Polish government seized $51 billion of private pension assets and claimed them for the state, the out-of-pocket investors asked, in so many words, "whose money is it anyway?" Money gone missing is the subject at hand.

Quantitative wheezing

The Bank of Japan increased the monetary base by 51.9% year-over-year in January, but GDP only grew by an annualized 1% between the third and fourth quarters. The results from QE seem wanting.

February 7, 2014, Vol. 32, No. 03

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The case for an un-taper

In so many words, the presidents of the Richmond, Dallas and San Francisco Federal Reserve banks vow to continue to taper, come what may on Wall Street or in that portion of the world situated outside of the 50 states. We have our doubts.

Deal us out

If QE made investors complacent, tapering may make them anxious. If so, the short-selling trade may yet have its day in the sun. Herewith, a bearish analysis of a company that, under the spell of monetary ease and a rising stock market, has gotten more hall passes than a high school quarterback.

Gov. Alejandro Christie

One public pension crisis is merely a ticking time bomb, while the other has already exploded. Which presents the better opportunity?

Unfasten it

"I made the mistake of selling it once before…," a major shareholder of a certain industrial supply distributor wrote to his investors last spring. "The memory of that sale is still painful." If the following analysis is on the beam, it's the memory of not having sold that will soon trouble the company's ardent fans.

Farmland boom tapers

Corn prices have fallen by 30% since April. Farmland prices, too, are softening. What continues to make new highs are the expectations of the starry-eyed sellers.

Channeling Arthur Burns

The Fed plucked dollars from the digital ether to expand its balance sheet at a 30.7% annualized rate over the last three months. Yet, over the same three months, growth in broad money grew at just a 2.6% annualized rate. Where is the fruit of QE?

January 24, 2014, Vol. 32, No. 02

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So close to the sun

What kind of inflation does the Fed wish to raise up? Each kind: The stock-market variety to foster the confidence that leads to a faster pace of consumption and the checkout-counter sort to protect against a return to the economic environment of "The Grapes of Wrath." Herewith a look at one of the central bank's warmest friends and worst enemies, all in the same ticker.

Paycheck to paycheck

Our pick not to click is an outlier in many respects. Its growth is supersonic, its sponsorship is first class, its margins are otherworldly--and Amazon has so far failed to lay a glove on it. A skeptical analysis of a stock that only seems to want to go up.

Ask Mr. Google

What could be driving public curiosity about biotechnology? We report, you decide.

Heretofore unimagined

Bank footings in the People's Republic represent a third of world GDP, yet China's economic output amounts to just 12.2% of world GDP. Which will serve to introduce the story of a company that ought to be better than it is.

From outer space

"Two years ago, it was a career risk to hold peripheral debt," The Wall Street Journal quoted a man from UBS Wealth Management as saying the other day. "Now it's a risk not to hold it." On the consequences, macro and micro, of the rout of the credit bears.

Your gold is 'in the mail'

Despite the Fed's swollen balance sheet, Federal Reserve remittances to the U.S. Treasury last year fell by 12.1% to $77.7 billion. Count the Bank of Bernanke front and center among victims of repressed interest rates. Leveraged bond investment isn't the Fed's only revenue source.

January 10, 2014, Vol. 32, No. 01

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One last gasp for Treasurys?

As we read the new year consensus of investment sentiment, people love stocks, hate bonds and feel sorry for gold. Perhaps the trader's maxim applies: "If it's obvious, it's obviously wrong." If so, it may behoove us, aged and grizzled bond bears, to imagine a contrary scenario.

Not Great Northern

Over just two trading days, the share price of a certain eccentric security plunged by 60%. Sometimes Mr. Market just doesn't seem to pay attention.

Collision course

On the authority of the retiring chairman of the Federal Reserve Board, things are looking up in America. If he's right, woe betide the high-flying shares of a certain replacement-parts vendor. Then again, now that we've analyzed the situation, woe betide them anyway.

Paradise under review

Puerto Rican financial officials responded last week to rating agency concerns about "constrained market access" by announcing plans to issue public debt by the end of February. Herewith a new look at the obligations of the tropical commonwealth that knows not the polar vortex.

Nature's own bitcoin

They won't be overproducing bitcoin if the shadowy progenitor of the crypto-currency is as good as his word. Supply is fixed at 21 million units while 11.5 million units circulate. The supply of what might be considered the legacy form of bitcoin is the subject at hand.

Rocks roll in China

On Dec. 31, the People's Republic released its audit of local government finances to reveal that the obligations of these busy borrowers have been soaring at a 23% annualized rate.