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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 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 23, 2015, Vol. 33, No. WB

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Happy And Merry 2015

To the readers, and potential readers, of Grant’s: This anthology of recent articles, our annual Christmastide e-issue, is for you. 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 Jan. 15 (don’t miss it!).

December 11, 2015, Vol. 33, No. 24

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Interest rates by the clock

Ultra-low rates push and they pull. They push business failure out into the future. They pull consumption forward into the present. Here with a grand tour of the credit horizon. In the background: auto sales and corporate M&A. In the foreground: a booming regional bank and a credit-dependent time-share vendor.

What he said

The word is "customers," not "competitors." Grant's corrects a blunder.

'They' already tightened

ZIRP and QE have warped the economic timbers. On a bad day, you can even hear them creak. Have the brainiacs forgotten that the money market is a delicate institution?

Anticipating Mr. Friedman

In an earlier epoch of history, a man so driven as the chief curator of Restoration Hardware might have led a revolution. As it is, he seeks to revolutionize the high end of furniture and décor trades. Awaiting Dec. 10.

Handicapping a devaluation

If it were any economy but the world's largest, you'd expect that a devaluation would be in the offing. The People's Republic wouldn't dare to cheapen the very currency that the IMF has just welcomed into the SDR. Or would it?

November 27, 2015, Vol. 33, No. 23

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Trudges, the nation's business

"Speculate" is the operative word. Economic cycles, interest rates and the dollar are the topics at hand. A skeptical eye on the world's "most crowded trade."

Money-good, but . . .

Neither sterling nor speculative, probably OK but maybe not, a certain kind of investment-grade security is the flavor of the cycle. What goes wrong with the most popular credit ideas? Something, usually.

Banking on energy

You can't blame this Grant's-assembled collection of energy lenders for the macro- and microeconomic scrapes in which they find themselves. But you could sell them.

Guilt by association

"Small, illiquid, complex" to which we now append another attribute: unprofitable, at least so far.

But can they?

Wanting to lift the funds rate is one thing, actually doing it is another. Good luck to you, Dr. Potter.

November 13, 2015, Vol. 33, No. 22

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Too close to the sun

The super-rich continue to accumulate high-end residences far from their principal toothbrush. They are the smart money—are they also the wise money? A short review of the bumps in the road of a certain great city's real-estate market. Too few moguls for the burgeoning supply of mogul-appropriate housing.

Over here, Carl Icahn!

The bullish analysis of a little-regarded REIT has so far yielded bearish results. Why a sky-high dividend yield and a record-setting discount to evident NAV leave the market cold. Calling all activists.

Monetary optics report

A new federal highway bill needs financing. Where will the money come from? Contemplating the risk of a capital call on very high-yielding Federal Reserve stock.

Stand-pat primer

Bearing in mind that Janet Yellen reportedly arrives at the airport "hours before" her flight is scheduled to depart, we serve up the facts that might lead a risk-averse central banker to surprise people.

October 30, 2015, Vol. 33, No. 21

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Saul Steinberg's second coming

In the 1960s came Leasco and the big conglomerate boom. Now comes Valeant and the bigger platform-company boom. Starved for income, 21st century investors reach not only for yield but also for heroes: "our thirst to believe in others."

Your 4,000 bagger

The case for a currency that governments don't print and miners don't excavate. "The potential to do for money what the Internet did for information."

Stan on stage

"I believe that diversification is the most destructive, over-rated concept in our business." The speaker is Stanley Druckenmiller, investor and speculator par excellence, and the setting is the fall 2015 Grant's Conference.

Don't stop reading

"There are no accidents in SEC filings. Everything there (or not there) is for a reason."

E&P equity gusher

It wouldn't be so bad in the E&P business if oil and gas prices were not so low, or if accounting conventions were not so elastic or if maintenance capital expenditure requirements were not so high. "The business is not economic."

Rock-paper-scissors

How an innocent component of the Periodic Table was converted into a kind of neo-subprime mortgage-backed security.

Just keep compounding

Compound interest is a wondrous force, all may agree. Pick the right stocks and mistakes just don't matter.

Comes Mauricio Macri

The money-burning days of Cristina Fernández de Kirchner are ending. How bullish the aftermath?

To own or not to own?

What does it mean to own something? J. Michael Pearson weighs this urgent metaphysical question.

October 16, 2015, Vol. 33, No. 20

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Bull market in liabilities

The Teamster Central States Pension Plan is petitioning the Treasury Department for permission to reduce the distributions it makes to 200,000 beneficiaries. Ben S. Bernanke, Ph.D., please copy.

Thank you, Ruth Hlavacek

The Grant’s grammarian rides into the sunset after 28 literate years of service. How we shall miss her!

Exit, Michael Novogratz

A corporate problem child and the man who managed it take their leave. Good news for the business he helped to found.

Acres of hope

Asset-rich and management-poor, a certain real estate-development company is ending its years in the wilderness. Next order of business: Sunlight on net asset value.

Constructive developments

A lightly leveraged closed-end fund, managed by prudent and independent-minded people, is priced at a deep discount to book value and offers a high yield. What’s not to like?

Postscript to value

The emergence of a new fact improves the risk-reward proposition attached to a pair of leveraged income vehicles.

Go big or go home

“Stimulus” is not so stimulating when it takes the form of debt slathered on an already-overleveraged economy.

October 2, 2015, Vol. 33, No. 19

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Towers of deflation

It’s evidently not impossible to forget that real estate is a cyclical business. The localized booms in office construction suggest that many would rather not remember.

Predatory borrower

Care for a nice, fat 5% yield, Mr. and Mrs. America? The people who ought to read the fine print probably won’t.

Frontiers of junk

If a market can become overvalued—and can remain so (as this one has) for the better part of nine months—it can surely become undervalued.

Way of all paper

An ancient perpetual Dutch security continues to pay interest, though no longer in gold (you get euros) and no longer at the originally stipulated rate (you get half of that). A “teaching moment” in money and credit?

Flashing beer sign

The Fed hasn’t tightened. The market has. Maybe the mandarins have missed their opportunity.

September 18, 2015, Vol. 33, No. 18

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Age of magical thinking

In monetary affairs, orthodox ideas have become marginalized and radical ideas have gone mainstream. From the eminent Financial Times, a proposal to drop helicopter money to the masses. You wonder what the London tabloids are suggesting.

Calling Mr. Bear

Never mind backing that luxury automobile into the garage. For the very rich, a turntable will do the trick. What will the market gods think?

Unaccountably cheaper

Any stock that derives its value from a portfolio of assets has taken a pratfall. One particular asset-sensitive stock has been splattered—for no good reason, we say.

Closed-end days

In closed-end funds, a novelty: investor-led initiatives to close persistent discounts to net asset value.

Yield to term

In a picked over, credit swollen, ZIRP strafed bond market, a certain kind of mutual fund is making the best of things.

Inside the People’s Bank of China

Is even one central bank actually tightening credit? Only the world’s biggest.

September 4, 2015, Vol. 33, No. 17

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They follow the leader

Having failed at finance, the Reds of Beijing are staging a gaudy military parade. Look out below for the renminbi/dollar exchange rate.

Almighty ringgit?

Everyone knows that the dollar is appreciating. Everyone similarly knows that emerging-market currencies are depreciating. Could everyone be thinking the wrong thoughts?

Hock that painting

A shot across the bow for investors and connoisseurs alike.

10% off sale

Closed-end funds usually trade at a discount to net asset value. They rarely trade at the discounts now quoted.

They already tightened

The Fed's back office pushes repo rates higher. Whom to blame for contracting net interest margins on your mortgage REIT.

August 19, 2015, Vol. 33, No. SB

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2015 Summer Break Issue

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 such a lock

Save us from the security experts. What, exactly, do they do?

The balance sheet that ate Switzerland

Like a celebrity in flight from the paparazzi, the Swiss Confederation demands protection from its pesky admirers. To beat back the unwanted appreciation of the Swissie, the central bank is—once again—vowing to move heaven and earth. How to profit from it?

Final last gasp

Expectant but not bullish on everyman's safe haven.

Revenge of the reciprocal

Finance is nothing if not symmetrical. There are assets, and there are liabilities. There is demand, and there is supply. For every policy yin, there is a policy yang. The unscripted consequences of post-2007 monetary intervention is the subject at hand.

Operation Barn Door

Incapable of predicting financial crises, our central bankers are doing their utmost to prevent them. Should you rest easier on that account? You should not.

International complacency contest

Time to cast your financial ballot – an investment in monetary and financial disorder.

Posterity will smile

Which mistakes—financial ones, that is—will our children’s children identify as our most gratuitous? Wisdom from Edinburgh’s Library of Mistakes

August 7, 2015, Vol. 33, No. 16

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Fault lines in credit

The fateful words of a Chicago alderman mark the turn in the credit cycle.

Dueling indices

Wage costs rise by the least in 30 years? Not so fast.

Global verbiage glut

Opportunities in places you may not care to visit.

Try this at home

Ultra-low mortgage rates deliver a quicker accession of home equity.

July 24, 2015, Vol. 33, No. 15

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International complacency contest

Time to cast your financial ballot – an investment in monetary and financial disorder.

Toss away the key

Constant readers will recognize the government’s allegations against a certain identity-theft promotion.

On the rebound

A long-tailed branch of the insurance market returns to the black.

Holy guacamole!

It’s hard to argue with a 20-year improving market. We do.

New diagnosis

Quick, painless and cheap. What is Mr. Market pretending not to notice?

Not for the money

Concerning tightening cycles past and prospective – what’s the big hurry?

July 10, 2015, Vol. 33, No. 14

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More candidates, please

A public-spirited plea for a better class of political talent. The gamesmanship of a “balanced” budget.

12% goes begging

A dream come true for the income-starved American saver, though one’s lunch never comes entirely free.

Small, illiquid, complex

An income vehicle for our time.

Dare you, Ms. Yellen

If the supposed imminent rise in the federal funds rate should come to pass, what then?

Two percentage points to go

Capitalism without the price mechanism: a non-starter in Shanghai, too.

June 26, 2015, Vol. 33, No. 13

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What’s in your wallet?

What investment asset, though it yields nothing and costs nothing to produce, is gaining in worldwide popularity? A leading, London-based Fidelity bond manager has the answer.

Check, please, waiter

People have to eat, but they don’t have to go out to eat. Investors have to invest, but they don’t have to buy restaurant stocks.

Underachiever update

Even in this levitating bull market, investors give wide berth to a pair of Grant’s-favored ideas.

Posterity will smile

Which mistakes—financial ones, that is—will our children’s children identify as our most gratuitous? Wisdom from Edinburgh’s Library of Mistakes.

Thanks all around

On June 23, the editor of Grant’s received the Gerald Loeb Lifetime Achievement Award. Universal praise for the brevity of his acceptance speech.

Happy birthday, prosperity of a certain kind

How to account for the smashing rebound of household net worth since the 2007-09? A theory from the author of “The Legend of Sleepy Hollow.”

June 12, 2015, Vol. 33, No. 12

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Transported by Mr. Dow

An ancient theory of stock market timing resurfaces. Rising interest rates, deteriorating breadth and a frenetic M&A cycle. What would William Peter Hamilton say?

Under analyzed

What does it take for a once excellent brand to become merely good? A change in the fashion weather, or maybe an article in a college newspaper. Next up: the "dad bod."

Monetary must read

George Gilder's brilliant new monograph, "The 21st Century Case for Gold: A New Information Theory of Money," recasts the idea of money. The author makes you think--he insists on it.

Pessimism to burn

When Norway's' sovereign wealth fund prepared to divest its coal holdings last week, it joined a growing fatwa against the world's least beloved fossil. One miner deserves a reprieve.

Hayek for download

A lecture, not to be forgotten--your editor, the 2015 Hayek Prize and "The Forgotten Depression."

Not what you think

The seasonally adjusted GDP data are subject to revision. Corporate earnings are "pro forma." Quantitatively-eased currencies proliferate. What ever happened to reality?

May 29, 2015, Vol. 33, No. 11

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Wire-pullers of the twenty-first century

Markets are just as efficient as the people who operate in them. They are just as cool, calm and calculating as the humans who will buy high and will sell low. Still, they are devilishly hard to beat. Credit, restaurant chains and platform companies are among the topics under discussion.

Yesteryear’s great idea

Like New York City taxi medallions, bonds started appreciating at around the time of the birth of Beyoncé. So consistently have they performed that serious people have come to judge them, bonds and medallions alike, as intrinsically safe. Not the best idea on which to build a leveraged portfolio.

Keynesian beach book

“Universal Man: The Seven Lives of John Maynard Keynes,” a new biography by Richard Davenport-Hines, is not just a book for the admirers of a certain errant economist. It is a book for the lovers of superb writing, fine portraiture and novelistic story-telling

Lots of return

With April housing starts leaping by 20.2% and April existing-home sales declining by 3.3%, the American residential real estate market last week was alternatively reported to be thriving and dwindling. We herein proceed to clear up the confusion. Bullish on terra firma—at a price.

Get your free money!

“Buy the rumor, sell the news,” is standard operating procedure in most markets. “Buy the rumor,” suffices in such a credit-juiced market as this one.

May 15, 2015, Vol. 33, No. 10

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On the systematic mispricing of debt

Fidelity & Guaranty Life is the firm that “helps middle-income Americans prepare for retirement,” or so claim its copywriters. If so, the life insurer’s investment department, with its RadioShack trifecta, itself needs help. Certainly, it’s getting none from the world’s central banks—or from the post-1981 interest-rate zeitgeist.

Attention, Larry Fink

Is contemporary art one of the “greatest stores of wealth?” Not if the life, celebrity and obscurity of the 19th century French painter Jean-Louis-Ernest Meissonier is any guide.

The only game

If a company seems to be cheap in the sixth year of a bull market, it probably isn’t a legitimate company, and it probably isn’t cheap. An exception to prove the rule is the subject at hand.

America the unhedged

Native-born citizens of the United States are famously mono-lingual. Likewise, they are mono-monetary—dollars are what they cling to, whether or not the home currency is appreciating against the alien alternatives. How to diversify out of green money?

Balance-sheet story

Constant readers may remember the company herein featured. Some will regret having ever heard the name. As central banks have gained prestige, our subject has lost market cap. What it has not lost is its speculative appeal.

Pick your own data

“Monetary Policy It’s Data Dependent” is the legend on the t-shirt that the president of the San Francisco Fed waved to the TV cameras Monday morning when Steve Liesman asked him, So when will the Fed raise interest rates? We deconstruct the central banker’s non-answer.

May 1, 2015, Vol. 33, No. 09

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Revenge of the reciprocal

Finance is nothing if not symmetrical. There are assets, and there are liabilities. There is demand, and there is supply. For every policy yin, there is a policy yang. The unscripted consequences of post-2007 monetary intervention is the subject at hand.

Listed bear-baiting

Coming soon: the first ETF dedicated to taunting the bears. SQZZ is the symbol. Is it wrong to suspect that people create new ETFs just for the pleasure of unfurling a clever ticker?

Mother Earth retraces

Average Iowa farmland prices tumbled by 8.9% last year, the first and only meaningful decline since 1986. The nearly three decade-long bull market in tillable American real estate is over, as the city-dwelling editors of Grant’s weigh the evidence. Grain prices, land prices, weather, inflation and deflation are the topics under discussion.

Elevator going down

Let it be said, writes Evan Lorenz, that China has the best airports, the fastest trains and the comeliest empty residential towers in the world. I can say this with some authority after spending last week in the People’s Republic.

Welcome back, Sumner Slichter

On Tuesday, as the FOMC sat down to weigh a decision to raise the funds rate for very nearly the first time in modern memory, the New York Times produced a story to showcase the argument for a much higher inflation target. Paging Prof. Slichter, 1950s-era father of the “new inflation.”

April 17, 2015, Vol. 33, No. 08

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Mumbai calling Valéry Giscard d’Estaing

A monetary experiment half a world away from the Federal Reserve’s interest rate laboratories is set to begin next month in India. Looming over all, an ancient question: What is money?

Radical negative one

David Einhorn, long-short equity investor par excellence, led off the Grant’s Spring Conference with a long idea and a short-sale candidate. He prefaced his stock picks with a grand tour of interest rates, such as they are.

Up with India

"India is one of the biggest structural changes taking place in the world today," Jon Thorn, manager of the India Capital Fund, told the Grant's audience, "and, unlike, say, Greece, it's a very positive one."

Drill they must

"I've run through a lot of industries as they've involuntarily entered my domain," bankruptcy lawyer James Sprayregen, explained to the Grant's faithful. Next up, he said: the E&P segment of the energy business.

Leaders have to lead

David Abrams, a top-flight Boston investor whose nearly invisible public profile led The Wall Street Journal to speculate that he might be a unicorn, sat on stage at the Plaza Hotel fielding questions.

Liquidity to the max

125 pages of charts and graphs complemented lunch at the Grant's event. Stretching from the dawn of financial time to the present, the pictures, compiled by Bank of America Merrill Lynch strategist Michael Hartnett, amounted to a kind of museum of astounding facts

Something to shock

Bill Gross observed that the Fed, by remitting the interest in earns on government securities, in effect absolves the Treasury of its obligation to pay. You might even think of it as a species of default, said the king of bonds.

Value times three

Cash constitutes 62.8% of his portfolio, Mitch Cantor, portfolio manager of Mountain Lake Investment Management, told the Grant's audience. After which he pitched a trio of value-laden, improbable-sounding equities.

The Bigger Short

Paul Singer, founder of Elliott Management Corp. and among the earliest proponents of the 2006-08 trade that Michael Lewis popularized in "The Big Short," took the Plaza stage to propose an even bigger short.

The great debate

Passive investing is no fad, contended John C. Bogle, in an opening salvo of the debate over the merits of indexation. The editor of Grant's spoke to the virtues of research, analysis and imagination.

Not so safe

J.P. Morgan Chase has hired 8,000 people just to comply with the onslaught of post-crisis regulation. At some higher level of regulatory intensity, the Fed may just achieve its mandate for full employment. Its mandate for financial stability? That’s another story.

April 3, 2015, Vol. 33, No. 07

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Janet Yellen, say hello to Bill Martin

Moving to free-market interest rates from the governmentally administered kind is the issue of the hour—and of the day, month and year, in the opinion of this interest-rate observing journal. Happily, the trick has been done before.

Use as directed

On July 15, 2014, on the ceremonial stage of her second Humphrey-Hawkins testimony, Janet Yellen singled out biotech (and social media) stocks for their "substantially stretched" valuations. Since that ex cathedra pronouncement, the Nasdaq Biotechnology Index has rallied by a cool 39%. And now?

Turn of the tide?

Kind words for an orphaned sector of seaborne commerce. A funny thing happened on the way to its supposed insolvency.

Now he's got a blog

In his maiden post on the Brookings Institution Web site, Ben Bernanke contends that fragile economic conditions, not radical monetary policy, pushed interest rates to the floor. Did the former chairman check with the Bundesbank?

March 20, 2015, Vol. 33, No. 06

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Operation Barn door

Incapable of predicting financial crises, our central bankers are doing their utmost to prevent them. Should you rest easier on that account? You should not.

Bullish even now

"Settle in" for a period of relatively weak oil prices, Rex Tillerson, CEO of ExxonMobil, resignedly advised analysts the other day. Reconsider the values inherent in a pair of orphaned energy stocks, Grant's proposes.

Monetary diversity

That currency in your wallet, Ms. or Mr. American, is it all the same color green? If so, you are in violation of the time-honored investment precept of diversification. The case for diversifying into a new and different color combination

'Patient' is--still--the word

From the vantage point of Tuesday, the Fed will stand pat on Wednesday. We hereby make brave to forecast an event that will have occurred before the forecast is issued. Patience, Ms. Yellen.

March 6, 2015, Vol. 33, No. 05

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Inflation can surprise you

The meager rate of rise in the CPI for 2014—up by just 0.8%—made news by the very fact of its meagerness. Since 1929, only nine other years have featured an a comparably weak increase in the cost of living. The meaning of this arresting fact is the subject at hand.

Get out of town

You’ve decided to vacation on the French Riviera with family, in-laws, cousins. You could book six or eight hotel rooms—or a single villa in Saint-Tropez. This being the 21st century, you can, and you do, book the villa. Now unfolding is a bearish story on the company that helped you secure it.

Last to first

Gold needs a hug—as central bankers run riot, the legacy monetary asset languishes at $1,200 an ounce—but don’t go feeling sorry for a certain unesteemed and over encumbered mining company. Its fortunes are on the upswing.

Cash for cops

The fact is that currency, under the law, in large denominations. has become non-negotiable. Just try to withdraw $100,000 in hundred-dollar bills from your local JP Morgan Chase branch.The burden of proof is on you, Mr. or Ms. Moneybags.

Nasdaq 5,000—in bonds

Tech stocks matched their March 2000 highs this week. Bonds did them even one better by taking out any known previous high of any recorded era (or so it seemed).

February 20, 2015, Vol. 33, No. 04

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In the petrified forest of debt

RadioShack, whose founding dates from the administration of Warren G. Harding, filed for bankruptcy protection on Feb. 5. The question before the house: What took it so long?

Mistaken identity

Either the great lake of redundant crude oil points to long-term oversupply in fossil fuels, or it doesn't. The price of oil hangs in the balance. Not so--by rights, we herein contend--the price of the shares of a certain value-laden chemicals company.

File under 'opportunity'

Like any other branch of distressed investing nowadays, the secondary market in illiquid partnership interests is short the essential element of distress. But that doesn't mean there's nothing to plan for.

Leaving something to chance

Two thirds of investors just surveyed by Citigroup said "action from central banks in Europe and the U.S. would be the principal force driving credit market spreads" in 2015. The principal force? More than even the myriad events that the central banks don't control and can't anticipate?

February 6, 2015, Vol. 33, No. 03

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To outsmart a snowstorm

Humility before the financial future seems especially well advised in the wake of the Jan. 27 blizzard that wasn’t.

Essence of China

The supposed once and future driver of world economic growth remains a laboratory experiment in how much debt a society can bear without absolutely collapsing.

Passage to capitalism

A storied investor opens a new India fund. Just the vehicle for a “dynamic and changing environment.”

Not such a lock

Save us from the security experts. What, exactly, do they do?

A future in fed funds

How to place an extremely leveraged bet on everybody being wrong.

January 23, 2015, Vol. 33, No. 02

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Havens to hide in

The world’s central bankers have thrown the kitchen sink at a threatened deflation. What would they do in response to the real McCoy?

House of mirrors

Ultra-low interest rates have facilitated bloated inventories and grandiose building plans at a certain high-end retailer. When the roof caves in the aggrieved bulls can take their complaints, or some of them, to Janet Yellen.

Good news for a change

This publication is on record decrying the mass, interest-rate-induced levitation of the property REITS. There is, however, a special, underachieving, value-laden exception.

Generation ZIRP

Lenders and borrowers may be reasonable people, but they periodically miscalculate. There is feast, then there is famine, world without end. It’s the credit-related business models that come and go.

Chinese road show

Whatever the resurgent Shanghai market may portend, it isn’t (so far) the return to good health of the credit structure of the People’s Republic.

January 9, 2015, Vol. 33, No. 01

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Central bank of the robots

The Fed stands opposed to the progress of the age.

Christmas came early

The oil price is halved, but so what? A certain well-financed, low-cost producer of an unfashionable energy source is cheaper than ever.

Final last gasp?

Expectant but not bullish on everyman's safe haven.

Follow that trend!

Success is the best salesman.

Early bird special

Stephen A. Schwarzman, CEO of Blackstone, said that energy was going to be an "amazing investment opportunity." He seems to have meant it.

E-Z does it, Ms. Yellen

Ecuador on Tuesday secured a $5.3 billion credit line from China's Eximbank at a cost of just 2%. Whatever happened to the Monroe doctrine?