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October 19, 2018, Vol. 36, No. 20

What do you mean, reverting?

Concerning one cosmological proposition or another, Sir Martin Rees, Astronomer Royal, said he thought it was true. And he added that while he wouldn’t bet his life on it, he would bet his dog’s. So it is with Grant’s and the notion that interest rates have stopped falling and started rising.

For rising rates

No matter how much you invest in zero percent yields, zero is what you earn. For the many who need income, a survey of the opportunities on offer at today’s new and improved yields.

Trophies for all

“If you’re managing money and your job is to find strong companies and short weak ones,” observed Jason Trennert, leadoff speaker at the Fall 2018 Grant’s Conference, “it is awfully hard when everyone gets a trophy.”

Modern media leviathan

“The most levered nonfinancial company in the history of the world is also about as levered as Thailand or Portugal, if it were a country.”

Arise, prudent man

“There is no such thing as objective value. That is, all value is subjective to the person doing the valuing – and specifically insofar as he acts toward a desired end.”

Central bonkers

Seated with your editor onstage at the Plaza, the great wealth compounder Stanley Druckenmiller hurled thunderbolts at the conduct of monetary policy. “Where are the bankruptcies?”

Starbucks also mentioned

“Our approach usually is, if we don’t think management is good, we change the management.”

'Making stuff up'

“In the salad days of the 1980s and 1990s, a penny-per-share earnings beat could jiggle a share price. Now you need nickels or dimes, or more. And how does a company exceed expectations by such a wide margin?”

Sell the yuan

“There is no nuance involved in cutting credit growth in half, particularly in a system that is used to very rapid credit growth in previous years.”

Father of QE

The improbable, tragi-comic life of a certain Scottish “policymaker cum business projector, stock promoter and activist central banker holds a lesson for our own day.”

Relationship counseling

The standard 60/40 stock/bond portfolio-allocation protocol is more than a rule of thumb, our speaker informed the Grant’s audience, and “the relationship is in a period of transition.”

Times table

The money multiplier is inching up, but growth in the money supply is sputtering. What, exactly, is going on?

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