Knowledge Center

Drawing from 35 years of in-depth research, Grant’s Interest Rate Observer offers you free access to selected articles via our Knowledge Center. Browse our topics and select an article to enjoy and share.


In the Archives below the Knowledge Center, subscribers may download whatever they wish. Non-subscribers may search the archives and download past issues at the cost of $125 per issue.

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Feature Article

Gyro Gearloose redux .

The arc of monetary evolution is the subject at hand. A question for the dollar-holding subscribers of Grant’s: What’s really in your wallet?

Grant's Archive

Subscribers may download whatever they wish. Non-subscribers may search the archives and download past issues at the cost of $115 per issue.

To license individual articles for reprint, please email us at reprints@grantspub.com

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

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.

Credit Creation • Cause & Effect

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

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

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

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

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

‘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

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.

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