Investment Ideas

Grant’s Interest Rate Observer strives to produce rigorously researched and thoroughly analyzed investment ideas. Herewith, a sampling from the not-too-distant past. Paid-up subscribers, please click on the article title in the “Headline” Column to download the entire story.

Unum Group
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UNM@US  |  October 28, 2016  |  Disabled no more

Vanishingly rare is the profitable, market-leading, stockholder-attuned, reasonably large, reasonably cheap business that would stand to gain by a rise in interest rates. This party to the mysteries of actuarial science and insurance accounting would seem to tick every box.

Sberbank
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SBER@RX  |  August 7, 2015  |  Global verbiage glut

Opportunities in places you may not care to visit.

Moscow Exchange
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MOEX@RX  |  August 7, 2015  |  Global verbiage glut

Opportunities in places you may not care to visit.

Avianca Holdings SA
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AVH@US  |  August 7, 2015  |  Global verbiage glut

Opportunities in places you may not care to visit.

General Shopping Brasil S.A.
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GSHP3@BZ  |  August 7, 2015  |  Global verbiage glut

Opportunities in places you may not care to visit.

Grupo Nutresa SA
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NUTRESA@CB  |  August 7, 2015  |  Global verbiage glut

Opportunities in places you may not care to visit.

Restoration Hardware Holdings
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RH@US  |  January 23, 2015  |  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.

Valeant Pharmaceuticals International
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VRX@US   |  March 7, 2014  |  Drug dealer

A financialized age has at last produced a financialized pharmaceutical company. Herewith, a long look at an enterprise that does its compound-hunting not in the laboratory but in the stock market.

Rackspace Hosting
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RAX@US   |  January 25, 2013  |  In case the music stops

Institutionally sponsored bearbaiting arrived on Wall Street with the Jan. 3 debut of a financial instrument created to punish the short sellers. Probably, Deutsche Bank wouldn't have marketed its creation unless its clients asked, and its clients wouldn't have asked unless they were very bullish. Never go unhedged.

iStar Financial
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SFI@US   |  December 14, 2012  |  Well-marked book

That a certain real estate finance business still lives and breathes after borrowing to buy at the top of the market in 2007 is no minor claim to fame. Better is today’s value proposition, though instant gratification plays no part in it.

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Company Ticker Issue Date Print Headline
Unum Group UNM@US Oct. 28, 2016 Disabled no more
Sberbank SBER@RX Aug. 7, 2015 Global verbiage glut
Moscow Exchange MOEX@RX Aug. 7, 2015 Global verbiage glut
Avianca Holdings SA AVH@US Aug. 7, 2015 Global verbiage glut
General Shopping Brasil S.A. GSHP3@BZ Aug. 7, 2015 Global verbiage glut
Grupo Nutresa SA NUTRESA@CB Aug. 7, 2015 Global verbiage glut
Restoration Hardware Holdings RH@US Jan. 23, 2015 House of mirrors
Valeant Pharmaceuticals International VRX@US Mar. 7, 2014 Drug dealer
Rackspace Hosting RAX@US Jan. 25, 2013 In case the music stops
iStar Financial SFI@US Dec. 14, 2012 Well-marked book
General Motors GM@US Aug. 10, 2012 Bullish on the one with the hair
Google GOOG@US Jul. 27, 2012 Human progress at a market multiple
Blackstone Group L.P. BX@US Jul. 27, 2012 Opportunism still knocks
Fleetwood Corp. FWD@AU Jul. 13, 2012 The People's Outback
The most recent two years of investment ideas are only available to paid-up subscribers. (Please log in.)
LifeLock
LOCK@US Jul. 24, 2015 Toss away the key
Radian Group
RDN@US Jul. 24, 2015 On the rebound
MGIC Investment Corporation
MTG@US Jul. 24, 2015 On the rebound
Calavo Growers
CVGW@US Jul. 24, 2015 Holy guacamole!
Quest Diagnostics
DGX@US Jul. 24, 2015 New diagnosis
Wendy’s
WEN@US Jun. 26, 2015 Check, please, waiter
Under Armour
UA@US Jun. 12, 2015 Under analyzed
Hallador Energy Co.
HNRG@US Jun. 12, 2015 Pessimism to burn
Paris Orleans SA
PAOR@FP May. 29, 2015 Wire-pullers of the twenty-first century
Endo International Plc
ENDP@US May. 29, 2015 Wire-pullers of the twenty-first century
Quest Diagnostics
DGX@US May. 29, 2015 Get your free money!
CBL & Associates Properties
CBL@US May. 15, 2015 The only game
Pan American Silver
PAAS@US May. 15, 2015 Balance-sheet story
Kone OYJ
KNEBV@FH May. 1, 2015 Elevator going down
AerCap Holdings NV
AER@US Apr. 17, 2015 Radical negative one
athenahealth
ATHN@US Apr. 17, 2015 Radical negative one
Reliance Industries Ltd.
RIL@IN Apr. 17, 2015 Up with India
Surgutneftegas
SGGD@LI Apr. 17, 2015 Leaders have to lead
Owens-Illinois
OI@US Apr. 17, 2015 Value times three
Koppers Holdings
KOP@US Apr. 17, 2015 Value times three
Tidewater Inc.
TDW@US Apr. 17, 2015 Value times three
Ironwood Pharmaceuticals
IRWD@US Apr. 3, 2015 Use as directed
MannKind Corp.
MNKD@US Apr. 3, 2015 Use as directed
Accelerate Diagnostics
AXDX@US Apr. 3, 2015 Use as directed
Euronav NV
EURN@US Apr. 3, 2015 Turn of the tide?
Nordic American Tankers Ltd.
NAT@US Apr. 3, 2015 Turn of the tide?
Cairn Energy
CNE@LN Mar. 20, 2015 Bullish even now
Paramount Resources Ltd.
POU@CN Mar. 20, 2015 Bullish even now
HomeAway
AWAY@US Mar. 6, 2015 Get out of town
Barrick Gold
ABX@US Mar. 6, 2015 Last to first
Methanex Corp
MEOH@US Feb. 20, 2015 Mistaken identity
Ping An Insurance Group Co.
2318@HK Feb. 6, 2015 Essence of China
Fairfax India Holdings Corp.
FIH/U@CN Feb. 6, 2015 Passage to capitalism
LifeLock
LOCK@US Feb. 6, 2015 Not such a lock
Restoration Hardware Holdings
RH@US Jan. 23, 2015 House of mirrors
Forest City Enterprises
FCE/A@US Jan. 23, 2015 Good news for a change
Hallador Energy Co.
HNRG@US Jan. 9, 2015 Christmas came early
North Atlantic Drilling Ltd.
NATDF@US Dec. 12, 2014 Baiting a hook
Quest Diagnostics
DGX@US Nov. 28, 2014 Quest and ye shall find
Capstead Mortgage Corp.
CMO@US Nov. 28, 2014 Preferred income
Monmouth Real Estate Investment Corporation
MNR@US Nov. 28, 2014 Preferred income
Annaly Capital Management
NLY@US Nov. 28, 2014 Preferred income
American Capital Agency Corp.
AGNC@US Nov. 28, 2014 Preferred income
Ares Capital Corp.
ARCC@US Nov. 28, 2014 Preferred income
Golub Capital
GBDC@US Nov. 28, 2014 Preferred income
Halcon Resources
HK@US Nov. 28, 2014 Opportunity in confusion
Transocean Ltd.
RIG@US Nov. 28, 2014 Opportunity in confusion
Paragon Offshore
PGN@US Nov. 28, 2014 Opportunity in confusion
Goodrich Petroleum
GDP@US Nov. 28, 2014 Opportunity in confusion
Fortress Investment Group
FIG@US Nov. 14, 2014 Unaccountably cheap
Petroleo Brasileiro SA
PBR@US Nov. 14, 2014 Pick to not click
CME Group
CME@US Oct. 31, 2014 Rise of the machines
Intercontinental Exchange
ICE@US Oct. 31, 2014 Rise of the machines
Swiss National Bank
SNBN@SW Oct. 31, 2014 SNBN is the Ticker, in Zurich
Annaly Capital Management
NLY@US Oct. 17, 2014 Yield times four
American Capital Agency Corp.
AGNC@US Oct. 17, 2014 Yield times four
Blackstone Group L.P.
BX@US Oct. 17, 2014 Yield times four
Capstead Mortgage Corp.
CMO@US Oct. 17, 2014 Yield times four
iShares JP Morgan U.S. Dollar Emerging Markets Bond ETF
EMB@US Oct. 17, 2014 Yield to hope
Fifth Street Senior Floating Rate Corp.
FSFR@US Oct. 3, 2014 Yield on sale
Fifth Street Finance Corp.
FSC@US Oct. 3, 2014 Yield on sale
Golub Capital
GBDC@US Oct. 3, 2014 Yield on sale
Ares Capital Corp.
ARCC@US Oct. 3, 2014 Yield on sale
Petroleo Brasileiro SA
PBR@US Oct. 3, 2014 Bonds of debt
Evercore Partners Inc.
EVR@US Sep. 19, 2014 Sell advisory
North Atlantic Drilling Ltd.
NATDF@US Sep. 19, 2014 Heavy seas
Transportadora de Gas del Sura SA
TGS@US Sep. 5, 2014 So long then, Cristina Fernandez de Kirchner
Jazz Pharmaceuticals PLC
JAZZ@US Sep. 5, 2014 Narcolepsy blues
North Atlantic Drilling Ltd.
NATDF@US Sep. 5, 2014 Three amigos
iStar Financial
SFI@US Sep. 5, 2014 Three amigos
Horsehead Holding Corp.,
ZINC@US Sep. 5, 2014 Three amigos
Goldman Sachs Group
GS@US Aug. 8, 2014 Yield to steepness
Moscow Exchange
MOEX@RX Aug. 8, 2014 For the outcasts
Market Vectors Russia ETF
RSX@US Aug. 8, 2014 For the outcasts
Sberbank
SBER@RX Aug. 8, 2014 For the outcasts
Franklin Resources
BEN@US Jul. 11, 2014 Sell to whom?
Forest City Enterprises
FCE/A@US Jul. 11, 2014 Just you wait
Tocqueville Gold Fund
TGLDX@US Jun. 27, 2014 ‘Doesn’t have to be a reason’
iShares iBoxx $ Investment Grade Corporate Bond Fund
LQD@US Jun. 27, 2014 ‘Doesn’t have to be a reason’
Monmouth Real Estate Investment Corporation
MNR@US Jun. 27, 2014 FedEx’s little friend
Enstar Group Ltd.
ESGR@US Jun. 13, 2014 Book’s closed
Detour Gold Corp.
DGC@CN Jun. 13, 2014 A million for Pierre
New Gold
NGD@US Jun. 13, 2014 A million for Pierre
Kone OYJ
KNEBV@FH May. 30, 2014 Going down
Dorian LPG Ltd.
LPG@US May. 30, 2014 All ahead full
Valeant Pharmaceuticals International
VRX@US May. 30, 2014 Reality check
Gazprom OAO
OGZD@LI May. 16, 2014 From Russia with value
Rosneft OAO
RUSN@LI May. 16, 2014 From Russia with value
Lukoil OAO
LKOD@LI May. 16, 2014 From Russia with value
Sberbank
SBER@RX May. 16, 2014 From Russia with value
GATX Corporation
GMT@US May. 16, 2014 Couldn’t be better
Allergan Inc.
AGN@US May. 2, 2014 Sacrificial creditors
Valeant Pharmaceuticals International
VRX@US May. 2, 2014 Sacrificial creditors
Waste Management
WM@US May. 2, 2014 Garbage time
Valeant Pharmaceuticals International
VRX@US Mar. 7, 2014 Drug dealer
Boardwalk Pipeline Partners
BWP@US Mar. 7, 2014 Under the Boardwalk
Clean Harbors, Inc.
CLH@US Feb. 7, 2014 Deal us out
Fastenal Co.
FAST@US Feb. 7, 2014 Unfasten it
Amazon.com
AMZN@US Jan. 24, 2014 So close to the sun
Conn’s Inc.
CONN@US Jan. 24, 2014 Paycheck to paycheck
China Cinda Asset Management Co.
1359@HK Jan. 24, 2014 Heretofore unimagined
Dorman Products
DORM@US Jan. 10, 2014 Collision course
Klondex Mines
KDX@CN Jan. 10, 2014 Nature's own bitcoin
Teranga Gold
TGZ@CN Jan. 10, 2014 Nature's own bitcoin
NovaGold Resources
NG@US Jan. 10, 2014 Nature's own bitcoin
Golub Capital
GBDC@US Dec. 13, 2013 The price is wrong
Annaly Capital Management
NLY@US Dec. 13, 2013 The price is wrong
American Capital Agency Corp.
AGNC@US Dec. 13, 2013 The price is wrong
Keryx Biopharmaceuticals
KERX@US Dec. 13, 2013 Just say no
Weiss Korea Opportunity Fund
WKOF@LN Dec. 13, 2013 Preferred by more
Hyundai Motor
005380@KS Dec. 13, 2013 Preferred by more
Paris Orleans SA
PAOR@FP Dec. 13, 2013 European antique show
Pretium Resources
PVG@US Dec. 13, 2013 Problem child redux
Blackstone Mortgage Trust
BXMT@US Nov. 29, 2013 Plugging for 9%
Hallador Energy Co.
HNRG@US Nov. 29, 2013 Fuel least popular
Tile Shop Holdings
TTS@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
Boulder Brands
BDBD@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
Opko Health
OPK@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
Sprouts Farmers Market
SFM@US Nov. 15, 2013 All you can eat
Progressive Corp.
PGR@US Nov. 1, 2013 Not so fast, Joseph Schumpeter
ENI S.p.A
ENI@IM Oct. 18, 2013 Investing in Yellen
Pretium Resources
PVG@US Oct. 18, 2013 Investing in Yellen
3M Co
MMM@US Oct. 4, 2013 Assets less crummy
Raytheon Co.
RTN@US Oct. 4, 2013 Assets less crummy
Wal-Mart Stores
WMT@US Oct. 4, 2013 Assets less crummy
Kinder Morgan Inc.
KMI@US Sep. 20, 2013 We said, he said
Forest City Enterprises
FCE/A@US Sep. 20, 2013 Forest and trees
Northern Dynasty Minerals
NAK@US Sep. 20, 2013 Not so golden
Lumber Liquidators Holdings
LL@US Sep. 6, 2013 Floor to ceiling
iStar Financial
SFI@US Aug. 9, 2013 Special situation redux
Annaly Capital Management
NLY@US Aug. 9, 2013 Quartered and drawn
American Capital Agency Corp.
AGNC@US Aug. 9, 2013 Quartered and drawn
Hatteras Financial Corp
HTS@US Aug. 9, 2013 Quartered and drawn
Capstead Mortgage Corp.
CMO@US Aug. 9, 2013 Quartered and drawn
North Atlantic Drilling Ltd.
NATDF@US Jul. 12, 2013 Stormy weather
Pretium Resources
PVG@US Jul. 12, 2013 Cheap and cheaper
Danske Bank A/S
DANSKE@DC Jul. 12, 2013 Unsafe havens
Bank of Nova Scotia
BNS@CN Jul. 12, 2013 Unsafe havens
Bancolombia SA
CIB@US Jun. 28, 2013 Revenge of the invisible hand
Credicorp Ltd.
BAP@US Jun. 28, 2013 Revenge of the invisible hand
American Capital Agency Corp.
AGNC@US Jun. 28, 2013 Revenge of the invisible hand
Hatteras Financial Corp
HTS@US Jun. 28, 2013 Revenge of the invisible hand
Market Vectors Gold Miners ETF
GDX@US Jun. 28, 2013 Revenge of the invisible hand
Annaly Capital Management
NLY@US Jun. 28, 2013 Revenge of the invisible hand
PNC Financial Services
PNC@US Jun. 14, 2013 On the authority of Bill Gross
MetLife
MET@US Jun. 14, 2013 Rooting rates higher
Lincoln National Corp.
LNC@US Jun. 14, 2013 Rooting rates higher
Charles Schwab
SCHW@US Jun. 14, 2013 Rooting rates higher
Treasury Wine Estates
TWE@AU Jun. 14, 2013 Beijing to Sydney
Zoomlion
1157@HK Jun. 14, 2013 Beijing to Sydney
Fleetwood Corp.
FWD@AU Jun. 14, 2013 Beijing to Sydney
Bank of Queensland
BOQ@AU Jun. 14, 2013 Beijing to Sydney
Westpac Banking Corp.
WBC@AU Jun. 14, 2013 Beijing to Sydney
Genesee & Wyoming Inc
GWR@US Jun. 14, 2013 Beijing to Sydney
Monadelphous Group
MND@AU Jun. 14, 2013 Beijing to Sydney
Infosys
INFO@IN Jun. 14, 2013 BRIC-laying
MGM Energy
MGX@CN May. 17, 2013 Puts on Ph.D.s
Lumber Liquidators Holdings
LL@US May. 17, 2013 Puts on Ph.D.s
NovaGold Resources
NG@US May. 17, 2013 Puts on Ph.D.s
Hatteras Financial Corp
HTS@US May. 17, 2013 Pole-vault yields
American Capital Agency Corp.
AGNC@US May. 17, 2013 Pole-vault yields
Annaly Capital Management
NLY@US May. 17, 2013 Pole-vault yields
Babcock & Wilcox Co.
BWC@US May. 3, 2013 Nuclear option
Apollo Global Management
APO@US Apr. 19, 2013 Complexity made simple
Nordea Bank AB
NDA@SS Apr. 5, 2013 On the true meaning of Cyprus
Danske Bank A/S
DANSKE@DC Apr. 5, 2013 On the true meaning of Cyprus
Cameco Corporation
CCO@CN Mar. 22, 2013 Nuke ‘em
Pennsylvania Real Estate Investment Trust
PEI@US Mar. 22, 2013 Just looking
Westpac Banking Corp.
WBC@AU Mar. 22, 2013 Banking on China
Bank of Queensland
BOQ@AU Mar. 22, 2013 Banking on China
Monadelphous Group
MND@AU Mar. 8, 2013 China sneezes
Horsehead Holding Corp.,
ZINC@US Mar. 8, 2013 Metals redux
Northern Dynasty Minerals
NAK@US Mar. 8, 2013 Metals redux
Pretium Resources
PVG@US Mar. 8, 2013 Metals redux
Annaly Capital Management
NLY@US Feb. 22, 2013 Oases of income
American Capital Agency Corp.
AGNC@US Feb. 22, 2013 Oases of income
KKR & Co. LP
KKR@US Feb. 22, 2013 For the unrepressed
Blackstone Group L.P.
BX@US Feb. 22, 2013 For the unrepressed
Kohl’s Corp.
KSS@US Feb. 8, 2013 Standing pat
Rackspace Hosting
RAX@US Jan. 25, 2013 In case the music stops
Northern Dynasty Minerals
NAK@US Jan. 25, 2013 Gold by the share
Pretium Resources
PVG@US Jan. 25, 2013 Gold by the share
Kohl’s Corp.
KSS@US Jan. 25, 2013 Call on prosperity
Destination Maternity
DEST@US Jan. 11, 2013 Returns to illiquidity
Kulicke & Soffa
KLIC@US Jan. 11, 2013 Returns to illiquidity
iStar Financial
SFI@US Dec. 14, 2012 Well-marked book
Amrep Corp.
AXR@US Nov. 30, 2012 Land rush
Tejon Ranch Company
TRC@US Nov. 30, 2012 Land rush
Reis Inc.
REIS@US Nov. 30, 2012 Above their weight
Ocean Bio Chem
OBCI@US Nov. 30, 2012 Above their weight
Mastech Holdings
MHH@US Nov. 30, 2012 Above their weight
MFA Financial Inc.
MFA@US Nov. 16, 2012 The votes are in
American Capital Agency Corp.
AGNC@US Nov. 16, 2012 The votes are in
Redwood Trust
RWT@US Nov. 16, 2012 The votes are in
Hatteras Financial Corp
HTS@US Nov. 16, 2012 The votes are in
Golub Capital
GBDC@US Nov. 2, 2012 Reluctant optimist
Hospira
HSP@US Nov. 2, 2012 Thanks, Mr. Market
Wright Medical
WMGI@US Nov. 2, 2012 Thanks, Mr. Market
CIT Group
CIT@US Nov. 2, 2012 Thanks, Mr. Market
Ares Capital Corp.
ARCC@US Oct. 19, 2012 Ben Bernanke kicks Snoopy
MetLife
MET@US Oct. 19, 2012 Ben Bernanke kicks Snoopy
Metal Constructions of Greece (Metka)
METTK@GA Oct. 19, 2012 Greek bearing news
American Capital Agency Corp.
AGNC@US Oct. 5, 2012 Calm before the storm
Hyundai Motor Co., preferred
005387@KS Sep. 21, 2012 Uncommonly preferred
General Motors
GM@US Aug. 10, 2012 Bullish on the one with the hair
Google
GOOG@US Jul. 27, 2012 Human progress at a market multiple
Blackstone Group L.P.
BX@US Jul. 27, 2012 Opportunism still knocks
Cairn Energy
CNE@LN Jul. 13, 2012 Just in case
Paramount Resources Ltd.
POU@CN Jul. 13, 2012 Just in case
Fleetwood Corp.
FWD@AU Jul. 13, 2012 The People's Outback
Kinder Morgan Inc.
KMI@US Jun. 29, 2012 $2 and a dream
Exor SpA
EXO@IM Jun. 15, 2012 Panic of the headline writers
Prada SpA
1913@HK Jun. 15, 2012 Time piece
Richemont SA
CFR@VX Jun. 15, 2012 Time piece
Tiffany & Co.
TIF@US Jun. 15, 2012 Time piece
BASF SE
BAS@GY Jun. 1, 2012 Bubble in safety
Nestle SA
NESN@VX Jun. 1, 2012 Bubble in safety
Zoomlion
1157@HK May. 18, 2012 Made in China
New Gold
NGD@US May. 18, 2012 Bid wanted—please!
Pan American Silver
PAAS@US May. 18, 2012 Calling Mitt Romney
Boardwalk Pipeline Partners
BWP@US May. 4, 2012 Gas-fired income
Annaly Capital Management
NLY@US Apr. 6, 2012 Like typos
Emmis Communications Corp.
EMMS@US Mar. 23, 2012 Not preferred
Genesee & Wyoming Inc
GWR@US Mar. 23, 2012 Short a short line
Coca-Cola Co.
KO@US Mar. 9, 2012 Not so fast, Warren Buffett
Africa Opportunity Fund
AOF@LN Jan. 27, 2012 Above its weight
Societe Internationale de Plantations et de Finance
SIP@BB Jan. 13, 2012 The Big 'However'
Monadelphous Group
MND@AU Jan. 13, 2012 The Big 'However'
 
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