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2020
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Company
All Companies 3Com Corp. 3M Co Aaron’s Inc. Abertis Infraestructuras Abitibi Consolidated Inc. Absolute Invest Ltd. Absolute Private Equity Accelerate Diagnostics Access Flex Bear High Yield fund Accuride Corporation Ackerman & van Haaren Actavis plc. Adams Natural Resources Fund Inc. Adecoagro S.A. Advanced Micro Devices AdvisorShares Ranger Equity Bear ETF AerCap Holdings NV AES Corp. Aetna Africa Opportunity Fund Agco Corp. AGNC Investment Corp. Agnico-Eagle Mines Aioi Insurance Airborne Freight Corp. AK Steel Holding Corp Akamai Technologies Akenerji Elektrik Uretim A.S. Alaska Milk Alcoa Alexander & Baldwin Alibaba Group Holding Ltd Allergan Inc. Alliance Holdings GP Alliance Resource Partners LP AllianceBernstein Income Fund Allied Capital Corp. Allison Transmission Holdings Inc. Alon USA Altice N.V. Altria Group Amazon.com Ambac American Banknote Holographics American Electric Power American Greetings Corp. American International Group Ameriprise Financial Ameritrade Holding Corp. AMR Corp. Amrep Corp. AMVIG Holdings Anglo American Plc. Anglogold Anheuser-Busch InBev S.A./N.V. Annaly Capital Management Antero Midstream Partners L.P. Anthracite Capital Antofagasta Holdings AP Alternative Assets LP Apex Mortgage Capital Apollo Commercial Real Estate Finance Inc Apollo Global Management Apple Aradigm Corp. ArcelorMittal Arch Capital Group Arch Coal Ares Capital Corp. Arkema Arrow Global Group plc. Ascena Retail Group Ashtead Group plc Asia Pulp & Paper Co. Asset Acceptance Capital Corp. AT&T Inc. athenahealth Atlas Mara Co-Nvest Ltd. ATP Oil & Gas Corp. Atwood Oceanics Aurora Investment Trust plc Australia & New Zealand Banking Group AutoZone Avance Gas Holding Avianca Holdings SA Avid Technology Inc. Avon Products Axis Capital Holdings B3 S.A. - Brasil Bolsa Balcao Babcock & Wilcox Co. Badger Meter, Inc. Ball Corp. Banca Carige S.p.A Banco Bilbao Vizcaya Argentaria SA Banco Bradesco S.A. Banco de Chile Bancolombia SA Bank of America Bank of Greece Bank of New York Mellon Bank of Nova Scotia Bank of Queensland Banque Nationale de Belgique Barclays PLC Barrick Gold BASF SE Bayerische Motoren Werke AG BB&T Corp. Bear Stearns Beazer Becton Dickinson and Co. Beijing Capital International Airport Berkshire Hathaway Inc-Cl A Berry Global Group, Inc. Best Buy BHP Billiton BHP Billiton Ltd. Bitcoin Investment Trust BJ’s Wholesale Club BlackRock BlackRock California Municipal Income Trust BlackRock MuniHoldings New York Quality Fund BlackRock MuniYield Michigan Quality Fund Blackrock MuniYield New York Quality Fund BlackRock MuniYield Pennsylvania Quality Fund Blackrock MuniYield Quailty Fund BlackRock Taxable Municipal Bond Trust Blackstone Group L.P. Blackstone Mortgage Trust Blackstone/GSO Senior Floating Rate Term Fund Blackstone/GSO Strategic Credit Fund Bladex S.A. Blount International Inc. Blue Sky Alternative Investments Ltd. BNP Paribas Boardwalk Pipeline Partners Boeing BOK Financial Boulder Brands British American Tobacco Plc. Brookfield Property Partners, LP Bunge Ltd. Burger King Worldwide BW LPG C&J Energy Services Inc. C.B. Richard Ellis Cabot Oil & Gas Cairn Energy Cairn India Ltd. Calamos Convertible Fund Calavo Growers Calpine Corp. Cameco Cameco Corporation Campbell Soup Co. Canadian Apartment Properties Real Estate Investment Trust Canadian Imperial Bank of Commerce Canadian National Railway Co. Canadian Pacific Railway Ltd. Capital & Counties Properties plc Capital One Financial Corp. Capstead Mortgage Corp. Carlyle Group CarMax Inc. Carnival Cruise Lines Carrefour S.A. Carter’s Inc. Casino Guichard Perrachon SA Castle Private Equity AG Catalyst Biosciences, Inc. Caterpillar CBL & Associates Properties CBRL Group Celgene Corp. Central Securities Corp. Ceradyne Charles Schwab Charter Communications Chevron Corp. Chimera Investment China Cinda Asset Management Co. China Coal Energy Co. China Construction Bank China International Travel Service Corp Ltd China National Chemical Corp. China Shenhua Mining China Vanke Christopher & Banks Corp. Chuck E. Cheese Brands Inc. CIT Group Citigroup Clean Energy Fuels Corp. Clean Harbors, Inc. Cleveland-Cliffs Inc. CME Group CNA Financial Corp. CNH Global N.V. CNX Gas CNX Resources Corp. Coca-Cola Co. Coeur d’Alene Mines Corp. Comerica Commercial Metals Co. Commonwealth Bank of Australia Companhia Vale do Rio Doce CompuCredit Holdings Corp. Comverse Technology Con-way ConAgra Foods Concentradora Fibra Danhos SA de CV Concentradora Fibra Hotelera Mexicana SA de CV Conn’s Inc. CONSOL Energy Consolidated-Tomoka Land Co. Constellation Software Inc. Contura Energy Inc. Conversus Capital Copart, Inc. Copperbelt Energy Corp plc Coronado Biosciences Corporate Travel Management Ltd. Costco Wholesale Countrywide Credit Industries Cousins Properties Inc. Credicorp Ltd. Credit Suisse Group CreXus Investment Corp. CrossingBridge Low Duration High Yield Fund CSX Corp. Cullen/Frost Bankers Customers Bancorp, Inc. CVS Caremark Daishi Bank Danske Bank A/S De La Rue plc Deere & Co. Delek Logistics Partners L.P. Dell Computer Delta Air Lines Destination Maternity Detour Gold Corp. Deutsche Bank Deutsche High Income Opportunities Fund Deutsche High Income Trust Devon Energy Dex One Corporation Diamant Art Corp. Diamond Foods Inc. Diamond Resorts International DineEquity Dixons Carphone plc Dogan Gazetecilik A.S. Dole Food Dollar General Dollar Tree, Inc. Dorian LPG Ltd. Dorman Products DoubleLine Income Solutions Dow Chemical Downey Financial Corp. Duke Realty Corp. Eagle Bulk Shipping Inc. Eagle Point Credit Co. Inc. Eaton Vance Municipal Bond Fund Eaton Vance New York Municipal Bond Fund Eaton Vance Senior Income Trust ECA Marcellus Trust I El Paso Pipeline Partners Electrobras S.A. Eli Lilly & Co. Ellie Mae Inc. Emerald Oil, Inc. Emerson Electric Co. Emmis Communications Corp. Empresa Nacional de Telecomunicaciones SA, ENTEL Enbridge, Inc. Endo International Plc Energias de Portugal SA ENI S.p.A Ensco plc. Enstar Group Ltd. Enterprise Products Partners L.P. EOG Resources Epicor Software Corporation Equitable Group Inc. ETRACS Fisher-Gartman Risk off ETN ETRACS Fisher-Gartman Risk on ETN Euronav NV European Aeronautic Defense and Space Co. Everbridge Inc. Evercore Partners Inc. Evotec S.E. Exide Technologies Exor SpA Expedia ExxonMobil Facebook FactSet Research Systems Fairfax Financial Holdings Fairfax India Holdings Corp. Fairway Group Holdings Fannie Mae Farmer Mac Farmland Partners Inc. Fastenal Co. FedEx Corp. Fiat S.p.A. Fibra Uno Fidelity & Guaranty Life Fidelity National Financial Fifth Street Finance Corp. Fifth Street Senior Floating Rate Corp. Financial Engines First Eagle Gold Fund First Financial Bancorp. FirstFed Financial Corp. Fleetwood Corp. Flowserve Corp. Fondual Proprietatea Ford Forest City Enterprises Forestar Group Fortescue Metals Group Ltd. Fortress Investment Group Fosun International Ltd. Foundation Coal Holdings Franco-Nevada Franklin Resources Fred. Olsen Energy ASA Freddie Mac Freeport-McMoRan Copper & Gold Freescale Semiconductor Fresh Del Monte Produce Fresnillo Frontier Communications Corp. Frontline Ltd. FTSE/Xinhau China 25 Index FXCM Inc. Gannett GATX Corporation Gazprom OAO Genco Shipping & Trading Limited General Cable Corp. General Electric General Motors General Shopping Brasil S.A. Genesee & Wyoming Inc Glencore PLC Global X Uranium ETF Gold Fields Ltd. Gold Reserve Act of 1934 Goldcorp Goldcorp Inc. Goldman Sachs Group Golub Capital Goodrich Petroleum Google Great Northern Iron Ore Properties Greenbrier Companies Greenhill & Co. Greif Inc. GrubHub Inc. Grupo Financiero Galicia Grupo Nutresa SA Gunes Sigorta A.S. H&R Real Estate Investment Trust Haier Co. Ltd. Halcon Resources Hallador Energy Co. Hamilton Lane, Inc. Hancock Holding Co. Hanesbrands Inc. Hang Seng Bank Ltd HarbourVest Harman International Hatteras Financial Corp Heartland BancCorp Heartland Value Fund Hecla Mining Co. HEICO Corp. Helen of Troy Ltd. Hercules Capital Inc. Hewlett-Packard Hochschild Mining Home Capital Group Home Depot HomeAway Honam Petrochemical Horsehead Holding Corp Horsehead Holding Corp., Hospira Howard Hughes Corp. Hudson Pacific Properties Inc. Humana Inc. Hunter Douglas Huntington Bancshares Hyundai Motor Hyundai Motor Co., preferred IBM Icahn Enterprises L.P. ICICI Bank Iconix Brand Group Infosys InRetail Peru Corp. Intelsat SA Intercontinental Exchange Interest Rate Volatility and Inflation Hedge ETF International Bancshares Corp. International Paper International Seaways, Inc. Intesa Sanpaolo SpA Inversiones y Representaciones S.A. Invesco Senior Loan ETF Invesco Value Municipal Income Trust Investment Quality Municipal Trust Invitation Homes, Inc. Iron Mountain, Inc. Ironwood Pharmaceuticals iShares Floating Rate Bond ETF iShares iBoxx $ High Yield Corporate Bond Fund iShares iBoxx $ Investment Grade Corporate Bond Fund iShares International Treasury Bond ETF iShares J.P. Morgan EM Local Currency Bond ETF iShares JP Morgan U.S. Dollar Emerging Markets Bond ETF iShares National Muni Bond ETF iShares New York Muni Bond ETF iShares Russell 2000 Value ETF iShares Silver Trust Isis Pharmaceuticals iStar Financial IWG, PLC J.B. Hunt Transport Services J.C. Penney J.G. Wentworth Inc. J.P. Morgan Chase Jazz Pharmaceuticals PLC JB Hi-Fi Ltd. Jefferies Group John B. Sanfilippo & Son, Inc. Johnson & Johnson Joy Global JZ Capital Partners Kala Pharmaceuticals Inc. Kansas City Southern KapStone Paper and Packaging Corp. KBR Inc. Kerry Group plc Keryx Biopharmaceuticals Keurig Green Mountain Keycorp Kilroy Realty Corp. Kimberly-Clark Kinder Morgan Energy Partners Kinder Morgan Inc. Kinetic Concepts Kinetsu Corp. Kirkland Lake Gold Ltd. KKR & Co. LP Klondex Mines Knight Capital Group Kohl’s Corp. Kone OYJ Koppers Holdings Korean Preferred Stocks Kraft Heinz Co Kroger Co. Kulicke & Soffa Lancaster Colony Corp. LandAmerica Financial Group Lanxess Lawson Software Lazard Ltd. Legg Mason Value Leggett & Platt Lehman Brothers LendingClub Lennar Corp. Leo Holdings Corp. LifeLock Ligand Pharmaceuticals, Inc. Light S.A. Lincoln National Corp. LinkedIn Corp. Linn Energy Lloyds Banking Group Loews Corp. Loma Negra Companía Industrial Argentina S.A. Lowes Companies Lufkin Industries Lukoil OAO Lumber Liquidators Holdings Luxottica M&T Bank Mack-Cali Realty Corp. Macquarie Group Limited Macy’s Inc. Manitowoc Co. MannKind Corp. Manulife Financial Market Vectors Agribusiness ETF Market Vectors Gold Miners ETF Market Vectors Russia ETF MarketAxess Holdings Inc. Marks & Spencer plc Marmara Capital Equity Fund MasTec Inc. Mastech Holdings Matthews International Corp. MBIA Inc. McDermott International McDonald’s Corp. MCG Capital Corp. Medallion Financial Corp. Medtronic Merrill Lynch Merrimack Pharmaceuticals, Inc. Metal Constructions of Greece (Metka) Methanex Corp MetLife Metropolitan West Low Duration Bond Fund MF Global holdings MFA Financial Inc. MGIC Investment Corporation MGM Energy Michael Kors Holdings Microsoft Microsoft Corp. Midas Gold Corp. Middleby Corp. Millicom International Cellular Minefinders Mitsubishi Corp. Mitsubishi UFJ Financial Group Moderna, Inc. Moelis & Co. Molson Coors Brewing Company Monadelphous Group Mondelez International Inc. Monmouth Real Estate Investment Corporation Monsanto Co. Moody's Corp. Morgan Stanley Morgan Stanley China Morgan Stanley Emerging Markets Domestic Debt Fund Mosaic Company Moscow Exchange MSC Industrial Direct Co. Muzinich Low Duration Fund MVC Capital Mytilineos Holdings Nanto Bank Nasdaq Biotechnology ETF Index Natco Group National Australia Bank National City Bank National Commercial Bank National Oilwell Varco National Retail Properties Nautical Petroleum plc Nestle SA Netflix Inc. Nevsun Resources New Fortress Energy LLC New Gold Newcrest Mining Ltd. Newfield Exploration Newmont Mining Nielsen Holdings plc Nike Nippon Active Value Fund Nissay Dowa General Insurance Nordea Bank AB Nordic American Tankers Ltd. Nordstrom Norfolk Southern Corp North Atlantic Drilling Ltd. Northern Dynasty Minerals Northern Trust Corp Northgate Minerals NovaGold Resources NOW Inc Nucor Corporation Nuveen Build America Bond Fund Nuveen Build America Bond Opportunity Fund Nuveen Floating Rate Income Fund Nuveen New York AMT-Free Municipal Income Fund Nuveen New York Dividend Advantage Municipal Fund Nuveen North Carolina Quality Municipal Income Fund Nuverra Environmental Solutions Nvidia Corp. NVR Inc. Nyrstar Oasis Petroleum Inc. Occidental Petroleum Corporation Ocean Bio Chem Ocean Rig UDW Oculus Innovative Sciences Okomu Oil Palm Plc Olin Corp. Ollie’s Bargain Outlet Holdings Inc. On Deck Capital Oneok, Inc. Opko Health Orezone Resources Orient Overseas International Ormat Technologies, Inc. Osisko Mining Owens-Illinois Oxford Lane Capital Corp. Oxford Square Capital Co. Packaging Corp. of America Pactiv Corp. Pan American Silver Par Pacific Holdings Paragon Offshore Paramount Resources Ltd. Parapet 2006 Paris Orleans SA Parkway Inc. Parsley Energy Inc. Party City Holdco Inc. PDL BioPharma Peabody Energy Corp. Peapack-Gladstone Financial Corp. Pennsylvania Real Estate Investment Trust PepsiCo Petroleo Brasileiro SA PG&E Corp. Pharmaceutical Product Development PHH Corp. Phillip Morris Phillips 66 Pico PIMCO Dynamic Credit Income Fund Ping An Bank Co. Ping An Insurance Group Co. Pioneer Natural Resources Co. Plum Creek Timber PNC Financial Services Popular, Inc. Post Holdings Inc. Potash Corp. of Saskatchewan Potlatch Corp. Power Finance Corporation PowerShares DB G10 Currency Harvest Fund PowerShares Variable Rate Preferred Portfolio ETF Prada SpA Precision Castparts Corporation Pretium Resources Principal Financial Group Procter & Gamble Progress Energy Resources Progressive Corp. Prologis Inc. Property REIT, Inc. Prosensa Holding ProShares UltraShort Lehman 20+ Treasury Prospect Capital Corp. Prosperity Bancshares Public Storage PutleGroup Qualcomm Inc. Quest Diagnostics Quicksilver Rackspace Hosting Radian Group RadioShack Corp Raiffeisen International Ralcorp Holdings Inc. Range Resources Rayonier Inc. Raytheon Co. Realogy Holdings Corp. Realty Income Corp. Redwood Trust Regions Financial Reis Inc. Reliance Industries Ltd. Repros Therapeutics Republic Services Inc. Research in Motion Resolute Energy Restaurant Brands International Inc. Restoration Hardware Holdings Richemont SA Rio Tinto Ltd. Rite Aid Rosneft OAO Rowan Companies Royal Bank of Scotland RWE AG S.A., Public Power Corp SA des Ciments Vicat Salvatore Ferragamo SpA Samsung Electronics Sangamo BioSciences Santander Consumer USA Sarepta Therapeutics Sberbank Schindler Holding AG Schlumberger Schweitzer-Mauduit International SCOR SE Seacor Holdings Seadrill Ltd. Sears Holdings SemGroup Corp. Service Corp. International Shake Shack Inc. Shaw Group Sherwin-Williams Ship Finance International Ltd. Shizuoka Bank Sichuan Expressway Signature Bank Signet Jewelers Ltd. Sime Darby Simon Property Group Singapore Airlines Sino Gold Mining SL Green Realty Corp Smithfield Foods Snap-on Inc. Societe Generale Societe Internationale de Plantations et de Finance SoftBank Group Corp. Solar Capital Ltd. SolarCity Corp. Sotheby's Southern National Bancorp of Virginia Southwest Airlines Southwestern Energy SPDR Barclays Capital High Yield Bond SPDR Bloomberg Barclays Investment Grade Floating Rate ETF SPDR Gold Shares Spirit AeroSystems Holdings Inc. Springleaf Holdings Sprint Corp. Sprott Gold Equity Fund Sprott Physical Gold and Silver Trust Sprouts Farmers Market Square Inc. St. Joe Company STAG Industrial Starwood Property Trust State Street Corp. Steel Dynamics Strongbridge Biopharma plc. Sumitomo Mitusi Financial Suncor Energy Inc. Sunrun Inc. Suntech Power Holding SunTrust Banks SuperMedia Surgutneftegas SVB Financial Group Swiss National Bank Syneron Medical Ltd. Syngenta AG T.Rowe Price Group Tahoe Resources Target Corp. Tata Motors Ltd. TCW Total Return Bond Teck Resources Teekay Tankers, Ltd. Tejon Ranch Company Templeton Emerging markets Income Fund Templeton Global Income Fund Teranga Gold Tesco plc Tesla Motors Teva Pharmaceutical Industries Ltd. Texas Capital Bancshares Texas Pacific Land Trust TGR Financial , Inc. The Fresh Market The Intertain Group Ltd. The Williams Companies, Inc. THL Credit TICC Capital Corp. Tidewater Inc. Tiffany & Co. Tile Shop Holdings Time Warner Cable Tocqueville Gold Fund Tower Hill Mines Ltd. TransDigm Group Inc. Transocean Ltd. Transportadora de Gas del Sura SA Treasury Wine Estates Trinity Industries Tupperware Brands Turkish Airlines U.S. Bancorp U.S. Filter Uber Technologies, Inc. UBS UBS AG Ultra Petroleum UltraShort FTSE/ Xinhau China 25 Proshare Under Armour Unifi Union Pacific Corp. United Company Rusal United Continental Holdings United Rentals Inc. United Technologies Unum Group Uranium Participation Corp. Valeant Pharmaceuticals International VanEck Vectors AMT-Free Long Municipal Index ETF Vanguard Value ETF Vapor Corp. Verizon Communications Viking Therapeutics, Inc. Vodafone Group Vornado Realty Trust W.R. Berkley Corp. W.W. Grainger Wal-Mart de Mexico SAB de CV Wal-Mart Stores Walgreen Walt Disney Co. Walter Investment Management Corp Wasatch Small Cap Value Fund Wasatch-Hoisington U.S. Treasury Fund Washington Federal Washington Mutual Inc. Waste Connections Waste Management Weiss Korea Opportunity Fund Wells Fargo & Company Wells Fargo Short-Term Municipal Bond Fund Class A Wendy’s Western Asset Emerging Markets Debt Fund Western Asset Global Corporate Defined Opportunity Fund Western Asset High Yield Defined Opportunity Fund Western Digital Corp. Western Refining Western Union Company Westfield Group Westlake Chemical Corp. Westlake Chemical Partners LP Westpac Banking Corp. Westshore Terminals Weyerhaeuser Corp. Whirlpool Corp White Mountains Insurance Group Whole Foods Market Williams-Sonoma Windstream Holdings WisdomTree Dreyfus Brazilian Real WisdomTree Dreyfus Chinese Yuan WisdomTree Dreyfus Indian Rupee Woodford Patient Capital Trust plc Wright Medical XTO Energy Yahoo! Yamana Gold Yandex NV YPF S.A. Yum! Brands Inc. Zillow, Inc. Zion Oil & Gas Inc. Zoomlion

June 26, 2020, Vol. 38, No. 13

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Vestigial organs of the Federal Reserve

In the habitually unread fine print of the Fed’s statistical releases, reminders of where we’ve come from and the risks attending the direction we are going in.

Not quite everything

Bearish on the undisputed champion of the coronavirus economy.

So bad, it’s good

For stalwart seekers of deep value (including collectors of free options on the next inflation), a trio of equities in markets from which money is fighting to get out, not in.

Bankruptcy road map

Today’s state of play and the stages of the lockdown-induced bankruptcy and restructuring wave.

While you (try to) sleep

Animal spirits run rampant.

June 12, 2020, Vol. 38, No. 12

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Chairman Powell meets Professor Goodhart

When a measure becomes a target, it ceases to be a good measure.” Distortion, risk and opportunity lie ahead.

‘Relocation, relocation, relocationons’

Bearish on a “flexible” landlord.

Money gusher

This time, something is really different.

Only a painted moon

Giving credit where credit is due for today’s misleadingly tight credit spreads

The employment miracle

Jobless data do-over?

May 29, 2020, Vol. 38, No. 11

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With compliments to Standard & Poor’s

There’s a better leading indicator than stock prices. Decoding the message of “stressed” leveraged loans.

Just supposing

Borrowing, spending and money creation are crowd-pleasers so far; why not turn the program up a notch?

Magic markers

A highly valued derivative of the private-equity bubble in no way deserves its fat multiple.

Central-bank vaccine

Bullish on a geologically highly leveraged prophylactic for the plague of novel monetary policy.

Made in Japan

On achieving “high single-digit returns while avoiding permanent loss of capital” in the Land of the Rising Sun.

Show us the money

The levitation of the home builders is well and good, but who’s going to make the mortgages?

May 15, 2020, Vol. 38, No. 10

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Zero times zero equals $5.9 trillion

The overlay of zero percent interest rates on zero-cost stock speculation is the new force on Wall Street.

The oddest couple

A Harvard eminence and the 45th president of the United States share an interest-rate obsession.

Changing monetary places

An undervalued, underowned, inflation-resistant and coronus-immune asset—what might it be?

Left-hand spanner

Grant’s remains bearish on an American icon.

The price is wrong

The problem with price fixing is that even the right price becomes the wrong price as the world turns.

Read the footnotes

There’s more to the new inflation report than the soothing headline.

May 1, 2020, Vol. 38, No. 9

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A short history of making things worse

The federalization of American finance didn’t come of a clear, blue, free-market sky.

For the thrifty

A “special savings certificate” for Americans over the age of 65.

Glass half-full

Bullish on a trio of gas-related securities. As noted two weeks ago in the pages of Grant’s, oil’s pain may be gas’s gain.

Aristocrat of the junkyard

Concentrated and sustained capital compounding is their shared M.O.

Empty skies

Bearish on a certain parts supplier with a strategy that has drawn unwanted comparisons to Bausch Health Companies, Inc., the renamed Valeant Pharmaceuticals International.

Savers shriek as Nintendo slashes rates

Is there no way to test radical policy without making us all guinea pigs?

April 17, 2020, Vol. 38, No. 8

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That which is unseen

The TIPs market forecasts an average rate of inflation of 1.2% over the next 10 years. The Fed’s balance sheet (possibly on its way to $10 trillion), the federal budget deficit (pointing to $3.8 trillion) and broad money-supply growth (topping 12%) may suggest a different narrative. A “cold” inflation no more?

Not so radioactive

Burgeoning gluts of most everything the world over indicate that Covid-19 is crushing demand even faster than it’s disrupting supply. One commodity, at least, bucks the trend.

Value agonistes

A re-examination of the value school both from the top-down and the bottom up: interest rates, conditioned behavior and the cycles of taste and technology, on the one hand; a Marin County, Calif. value-investing partnership, lately the worse for wear, on the other.

Home fires burn

A hard look at a single-family rental business in which the insiders sell stock and the tenants lodge complaints. But a bright spot in vacation homes.

One side of the boat

Extreme bearish positioning—that and aggressive Federal Reserve bidding—account for the ferocity of a rally in stocks, investment-grade bonds and lesser credit instruments.

April 3, 2020, Vol. 38, No. 7

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Credit virus superspreader

You might have thought that a decade’s patching and legislating would have mended the broken financial system. It turns out that things are more fragile than ever.

Typical but unprecedented

The yo-yo action in security prices is not the only fact that beggars historical comparison in this strange springtime.

America the homebound

On a certain homebuilder and on the safer of two income plays that featured in the prior issue of Grant’s, we remain bullish.

Lowering the boom

A provocative new report from Moody’s Investors Service clarifies the cost and warns of the resulting, looming difficulties to state and local governments of lower stock prices and lower (and lower and lower) interest rates.

Not-so-fine dining

Frozen bread, salad dressing, dips and croutons are its stock in trade. Bearish on a safety stock straight out of central casting.

Compared to what?

We are in uncharted waters and few real-time economic trackers are designed to deal with sharp, sudden stops in activity.

March 20, 2020, Vol. 38, No. 6

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Biggest hearts, lowest rates

An interest-rate observer can only ask if the outpouring of central-bank credit, along with the promise of unstinted fiscal stimulus, is compatible with the lowest rates in 4,000 years.

To your health!

Investment bargains are few and far between in this era of nonstop QE. Speculating on a return to something like normalcy.

Storm in a port

Gold mines are the subject, and Grant’s is bullish on them. The question before the house is whether a critical mass of complacent dollar holders will come around to agree with us.

Interest-income trio

The market has crashed, and so have government-bond yields. Now where to turn for a modicum of income at an acceptable level of risk?

What the Fed does all day

With a new intervention almost every day, you may have lost track of what, exactly, goes on in the Eccles building

March 6, 2020, Vol. 38, No. 5

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A kind of price discovery

Is a 10% drawdown the strike price for the Fed’s famous put?

Ten-cent beers

On June 4, 1974, mispriced alcohol caused a riot at Cleveland’s old Municipal Stadium. Might ground-skimming interest rates not have a similar effect on Wall Street today?

Monetary true north

We break news as a far-sighted institutional investor breaks ranks.

Money’s green, too

On the environmental, social and governance approach to buying low and selling high, a pair of picks that we say do not, will not, cannot click.

Enrichment potential

Discouraged bulls may feel as if nothing has gone right, or right enough, but the news is better than the price action.

When it rains

Flooding, plagues and swine fever. Still, everyone wants bonds.

February 21, 2020, Vol. 38, No. 4

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Diversity and inclusion at the Fed

It was the dissenting candidate, not the conforming one, who drew hostile attention from members of the Senate Banking Committee in last week’s job interview for the Federal Reserve Board.

Xi Jinping goes viral

Communist chieftains make poor epidemiologists.

Top of the heap

Never before have so many invested so much in so few. What the arc of the IBM share price may teach about the prospects for the S&P 5.

Hold the condiments

It’s an ill wind that blows no portfolio any good. A silver lining in the gathering storm clouds of triple-B-rated corporate bonds.

Stay home

What happens to growth stocks without growth?

February 7, 2020, Vol. 38, No. 3

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Gale-force liquidity

By one man’s reckoning, the six-month-old gust of Federal Reserve accommodation is the strongest since the fall of Lehman Brothers in 2008 and, before that, the attacks of 9/11. No such shocks whipped up today’s monetary winds.

About those p/e’s

The stock market is even richer than you think, said the front page of the prior issue of Grant’s. We reiterate our case with a simple example.

America the overvalued

Bullish on certain foreign companies and on a particular domestic situation with which the index-makers are happily uninvolved.

Grand tour of junk

Connecting fact with perception, perception with valuation and valuation with risk. “Hold on to your hats!” is the investment conclusion.

Driven by Ford

The Treasury market seems to feast on new supply. We’ll see about the junk market.

January 24, 2020, Vol. 38, No. 2

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‘Low growth at a huge multiple’

What the indexed investor sees is not always what the indexed investor gets.

Truly sustainable investing

Newly issued by Artemis Capital Management, L.P., Austin, Texas, is a guide to investing after you (probably) won’t be around to attend to the details.

Energetic income

Opportunities in income-producing stocks that occupy the energy wing of the investment dog house.

Plastic refuse

Bearish on a debt-financed roll-up of roll-ups that stands at the intersection of minuscule interest rates and money-burning-a-hole-in-the-deal-doers’-pockets.

Not so stimulating

As the overclass gathers in Davos, Switzerland, the United States and Europe have at last found common ground.

January 10, 2020, Vol. 38, No. 1

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Pennies in the fiscal fuse box

The history of the growth of the public debt is also the history of the failed attempts to control it.

Personal preference

You have cash and a problem: How to earn income with an acceptable level of risk?

State of denial

A long overdue demotion for the home of American high finance.

No smoke here

Buried under a curious choice of nomenclature.

Bull-market archetype

Bearish on a Midwest dividend aristocrat and wary on what its valuation and vulnerability may signify for the stock market as a whole.

Slow boat gains speed

It’s not hard to see the investment attraction. Yet, speculators betting on reflation may be disappointed.