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March 22, 2019, Vol. 37, No. 06

Larry Summers sings the blues

“Secular stagnation” is upon us – watch out, or we’ll become Japan.

What everyone needs

A trio of ideas for the income-famished investor.

Monetary pain points

A speculation on the investment consequences of the central bankers’ big ideas.

Don't look down

All about a business strategically situated at the intersection of ingenuity, credit, price control and bull-market psychology.

Lights out

The not so little statistical white lies of the People’s Republic start to add up.

March 8, 2019, Vol. 37, No. 05

The ‘Post’ rates New York

“Strong budgetary management” is not what you think of first when you gaze upon City Hall.

Can’t stand 1%

Corporate rivets begin to pop when the real rate of interest approaches even 100 humble basis points.

Not so ‘cheep’

On perhaps the greatest retail stock of the 21st century, we make bold to be bearish.

Eyes unblinkered

If the pulse on which Grant’s has its finger is indeed the pulse of investor sentiment, credulity is a short sale. A speculation on a turn in the Wall Street zeitgeist

Dollars take flight

Russia’s central bank goes to cash.

February 22, 2019, Vol. 37, No. 04

The great non sequitur

The trouble with investing in the 21st century is that you become blasé about the quirks of the age. Before you know it, you start to think, well, negative-yielding debt isn’t so bad. Someone’s buying it.

All ahead full

You can have low prices and bad news or high prices and good news, but you can’t have low prices and good news. A survey of the opportunities in ocean-going shipping.

Dim the lights

Safety is inherent in no investment. And not in the securities of many a putatively safe and secure American electric utility. A demonstration of how little utilities in general, and one utility in particular, answer the description of port in a storm.

Dueling prices

We continue to identify Masayoshi Son’s corporate creation as one of the top contenders for the unwanted cyclical crown of Least Likely to Succeed.

How to stop a bear market

January was one for the record books with RMB 4.6 trillion ($687 billion) in new credit issued to Chinese borrowers. What ever happened to Xi Jinping’s deleveraging drive?

February 8, 2019, Vol. 37, No. 03

An open letter to Bill Dudley

What I was writing to tell you is that the Fed is technically insolvent.

Political risk in America

Even if Alexandria Ocasio-Cortez winds up losing the 2020 presidential election, one tax-related shock looms unavoidable. A survey of deeply discounted opportunities in a bond market not exactly overflowing with bargains.

Fast food take out

You could almost say – we’ll say it – that the tribulations of the American restaurant industry are a mirror to the 2019 state of the Union. A parable of ultra-low interest rates and put-upon franchisees.

Out with the old

If all goes according to plan, the post-Libor transition will be the money market’s own version of the anticlimactic, year-2000 computer-clock changeover, Y2K.

Growth? Not much

After opening up the taps to businesses in December, bankers are having second thoughts.

January 25, 2019, Vol. 37, No. 02

A 500-year bull market shows its age

It’s nobody’s idea of breaking news that interest rates have tended to rise and fall in generation-length intervals. More striking is a young scholar’s contention that these decades-long undulations are only the wavelets of a half-millennium decline, a trend that will carry to still lower lows in the next recession.

RIP, John C. Bogle

Jack insisted he has enough money. His fans may doubt he received enough thanks.

Peak superhero

Creative destruction costs money, as the holders of low-yielding debt in heavily encumbered businesses may presently be reminded.

Waldo's the name

A new/old method of regulatory arbitrage.

Hospitalized biotech stocks

Illiquid, unfollowed, undesired and battered, micro-cap biotech stocks tick nearly every contrarian’s boxes.

They ask so little

This may be a problem for newly invigorated bond buyers.

January 11, 2019, Vol. 37, No. 01

On returning to life as the stock market

The man who could topple the Commander-in-Chief is himself constrained by a greater power.

No waiting required

Netflix, Inc. was the best-performing stock in 2018, with a total return of 39%. It is also the only FAANG to generate negative free cash flow. Herewith a connection between these facts and a collection of stocks that just might excel in 2019.

Lottery Tickets, Inc.

The rolling-up of the red carpet of liquidity makes for winners and losers alike. Within this varied grouping, a trio of investment candidates, of which the reader will confront the daunting vocabulary that redirected many a would-be doctor to

Sacrificial securities

Suspense remains the order of the day for the Old Continent’s banks and their black-and-blue shareholders.

Dancing in the dark

This poses a conundrum for the Federal Reserve: Our money mandarins are “data dependent,” or so they tell us, but on what data can they rely?

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