Almost Daily Grant's

“Almost Daily” is the new, end-of-day delectation from Grant’s.

ADG tells you what happened. It speculates on what may happen and tracks and develops Grant’s themes. Look for it after the New York close of trading—almost daily.

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ADG is for everyone—paid-up subscribers, naturally (the noble ones!), and future subscribers alike.

We hope you enjoy it.


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Monday, March 19, 2018

History rhymes
An excerpt from a Bloomberg dispatch this morning,

Rebuttal rebuttal
On Mar. 11, the Bank for International Settlements sounded the alarm on the Canadian housing market,

Recap Mar. 19

Friday, March 16, 2018

Bots gone wild
Here’s a story that no one (not least your publisher) was expecting to see in Almost Daily Grant’s

If you build it, they will come?
Interbank borrowing rates, the machinations of the Swiss National Bank and cryptocurrencies are seemingly unrelated investment entities. But are they?

Recap Mar. 16

Thursday, March 15, 2018

QT Progress report

Deal derby

Recap Mar. 15

Wednesday, March 14, 2018

QE chronicles
If a bond yields nothing and no one trades it, does it even exist?

Golden ruberstamp
From the Boston Business Journal:

Recap Mar. 14

Tuesday, March 13, 2018

Who will guard the guards themselves?
Yesterday’s edition of the Financial Times features a remarkable, and somewhat alarming, claim:

Poutine on the ritz
Former belle of the investment-ball Valeant Pharmaceuticals International, Inc. (VRX on the NYSE and Toronto Stock Exchange) has been given the cold shoulder

Recap Mar. 13

Friday, March 9, 2018

We're gonna need a bigger moat
A dispatch from the New York Post:

In out of the cold
One needn’t strain too hard to find similarities between market conditions today and the late-1990’s bull stampede.

Recap Mar. 9

Thursday, March 8, 2018

Middleby earth
Investors were left hungry.

QT progress report

Recap March 8

Tuesday, March 6, 2018

Sentiment check
The upcoming Toronto Real Estate Wealth Expo,

Hold the chicken ceviche
The geographic borders of the European Union are well defined.

Recap March 6

Monday, March 5, 2018

Uber stingy?
Some side hustles are more worthwhile than others.

Call in the Mounties
The arrival of the long awaited (or feared) B-20 mortgage regulations in the Great White North

Recap March 5

Friday, March 2, 2018

PE class
It’s good to be king.

Recap March 2

Thursday, March 1, 2018

Face bunker
The wolves continue to circle Facebook Inc. (FB on the Nasdaq),

QT progress report

Recap March 1

Wednesday, February 28, 2018

Release the Kraken
After rebounding some 50% from its early-February interim nadir,

Treasury chest
Higher yields across nearly the entire spectrum of U.S. government and corporate bonds should be met with increased demand, right?

Recap Feb. 28

Tuesday, February 27, 2018

Tone at the top
New Fed chairman Jerome Powell wasted no time in distinguishing himself

Endo times
Roll-ups can provide a magical investment ride – at least, that is, until the music stops.

Recap Feb. 27

Monday, February 26, 2018

Flowers out of your hair
The going rate for a one way 26 foot U-Haul rental from Las Vegas to San Jose will set you back just $121

Suggested retail price
On Friday afternoon, Reuters reported that the founding family of Nordstrom, Inc.,

Recap Feb. 26

Friday, February 23, 2018

Last weekend’s NASCAR Xfinity Series race at Daytona International Speedway featured some prominent financial zeitgeist.

Kenya hear me now
They say that bull markets climb a wall of worry. In the case of the sovereign credit market, this is a tall one.

Recap Feb. 23

Thursday, February 22, 2018

Sprinting to the order book
What risk aversion?

QT progress report

Recap Feb. 22

Tuesday, February 20, 2018

Face news
It was a busy week in the news for the world’s preeminent social-media company, Facebook, Inc.

Short interest
We are back to the depths of the financial crisis – in interest rates.

Recap Feb. 20

Friday, February 16, 2018

A rose by any other name
Take it away, PetaPixel:

Soupy sales
You can’t call them Pollyannas.

Recap Feb. 16

Thursday, February 15, 2018

Crypto cottage industry
Reuters on the surge in cryptocurrency hedge funds:

Free climbing
Call it vertical integration, 2018-style.

QT Progress report

Recap Feb. 15

Wednesday, February 14, 2018

Fed Zeppelin
If the Federal Reserve is worried about a financial-market accident amid rising rates and an inflationary resurgence, then they’ve done a good job bluffing.

Recap Feb. 14

Tuesday, February 13, 2018

Headline of the day

The first seven weeks of 2018 have already set off more financial fireworks than all of 2017’s.

Recap Feb. 13

Monday, February 12, 2018

Out of the shadows

Recap Feb. 12

Friday, February 9, 2018

Workers of the world, unite!
A pair of probably unrelated dispatches from crypto-land:

Higher yield
The merry-go-round is in motion.

Recap Feb. 9

Thursday, February 8, 2018

Torn and Frayed
If you buy it, the EPS will come.

QT progress report

Recap Feb. 8

Tuesday, February 6, 2018

Got rich
Let’s take a break from the market mayhem and enjoy the feel-good story

We thought we had it rough

Recap Feb. 6

Monday, February 5, 2018

A kind word for the 10-year

Vol holla

Recap Feb. 5

Friday, February 2, 2018

Prop betting in 2018
With the Super Bowl set to kick off in about 48 hours,

Very cold cereal
High debt and slow growth can be a perilous combination.

Recap Feb. 2

Thursday, February 1, 2018

Chinese channel checkers
It’s not quite scrounging for pennies in the sofa, but it’s close.

QT progress report

Recap Feb. 1

Wednesday, January 31, 2018

What's the matter Colonel Sanders, chicken?
Not all dividends are created equal.

Recap Jan. 31

Tuesday, January 30, 2018

Texas hedge
What do short dollar, long equities, long oil and short options volatility trades have in common?

You are what you eat
Like a bolt from Olympus arrived this morning’s press release

Recap Jan. 30

Monday, January 29, 2018

Euphoria's step-children
To paraphrase former President Barack Obama, rising prices have consequences.

Recap Jan. 29

Friday, January 26, 2018

Role Tide
You gotta give the people what they want.

Soul patch
“Why are you all excited all of a sudden on shale? You know why, because you like to chit chat . . . you are an agent of disturbance,”

Recap Jan. 26

Thursday, January 25, 2018

Issue at hand
Up to the dais stepped European Central Bank boss man Mario Draghi today.

The first $25 trillion's the hardest

Recap Jan. 25

Tuesday, January 23, 2018

Day traders delight
The revolution was not, in fact, televised.

Recap Jan. 23

Monday, January 22, 2018

Friend zone
You certainly can’t call them Pollyannas. In recent months, a number of higher ups at Facebook, Inc.

Recap Jan. 22

Friday, January 19, 2018

Any leeway on the baggage fee?
Score one for the TSA.

Coin star
It’s the future of money! It’s an empty vehicle of speculation! It’s . . . bitcoin!

Recap Jan. 19

Wednesday, January 17, 2018

Galloping from value
Whoever said markets take the stairs up and the elevator down? For a tailor-made refutation of that axiom, we turn to The Boeing Company.

Recap Jan. 17

Tuesday, January 16, 2018

Impulse purchase
Rising home prices are an economic salve of the highest order. Is the reverse also true?

Neutral zone infraction

Recap Jan. 16

Friday, January 12, 2018

Sword swallower
Debt: It’s what’s for dinner.

Trot to canter
A detailed look at the state of small and midsize companies comes from Golub Capital

Shake it off

Recap Jan. 12

Thursday, January 11, 2018

Three sheets
Out with the old, in with the new.

Just browsing
Banca Monte dei Paschi di Siena SpA has got a friend somewhere.

Recap Jan. 11

Monday, January 8, 2018

Junkyard dog
A rising tide lifts all boats, and even a few rocks.

Recap Jan. 8

Friday, January 5, 2018

Sluggers wanted
How to generate ambitious returns in a market featuring precious few bargains?

Lender of resort

Recap Jan. 5

Thursday, January 4, 2018

Sprinting somewhere
They finally got their merger, sort of.

Recap Jan. 4

Wednesday, January 3, 2018

Sweet and sour
Even in friendly markets, borrowing has its limits.

Recap Jan. 3

Tuesday, January 2, 2018

Stone skipping
Parabolic price moves can make for some happy campers.

Ich bin ein bond bear
Last Friday’s release of German CPI for December surprised with a 1.6% year-over-year uptick,

Recap Jan. 2

Friday, December 29, 2017

Auld lang sign
On the eve of the eve of the New Year, we pause to take stock – actually no.

Thursday, December 28, 2017

Paper pushers
Vertical integration: It’s not just for the manufacturers.

Ink blotter
USA Today reported on Monday the travails of Florida man

Recap Dec. 28

Tuesday, December 12, 2017

Almost Daily Crypto
Bitcoin is so early-December.

Inflate gate
Take a bow, central bankers of the world!

Recap Dec. 12

Monday, December 11, 2017

HELOCopter money
The adage that “trees don’t grow to the sky” is being put to the test in the Great White North.

Security guard
Shares in over-the-counter name The Crypto Company,

Recap Dec. 11

Friday, December 8, 2017

Pik your battles
A follow-up on yesterday’s ADG

Chain, chain, chain
Is your bitcoin position burning a hole in your (virtual) pocket but fear missing out on more upside?

Macro and micro
In a Twitter bulletin this afternoon, Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co. writes

Recap Dec. 8

Thursday, December 7, 2017

Pik and choose
Pay-in-kind (PIK) toggles, a type of boomtime security in which the issuer has the option to pay its creditors not in cash,

Risk on, and on
From today’s Toronto Globe and Mail:

Recap Dec. 7

Wednesday, December 6, 2017

Engine rev
In the 72 years since the conclusion of World War II, there have been 11 recessions, according to the National Bureau of Economic Research,

Recap Dec. 6

Tuesday, December 5, 2017

Bond fun
It’s been remarkably easy sledding for the stock market of late.

Recap Dec. 5

Monday, December 4, 2017

Beanie babies redux
First came bitcoin, then came ICO’s, now comes:

Red sea
Rising short term interest rates (almost) the world over have been one defining characteristic of financial 2017.

Recap Dec. 4

Friday, December 1, 2017

Meet the new boss
Undoubtedly thanks to its white-knuckle price action and yuge rally of late, bitcoin has for the first time passed Donald Trump in Google search requests,

Energy saver
What if the supply glut that has bedeviled energy markets since 2014 is less severe than commonly believed?

Weapons of Mass Perfidy
Caixin Magazine reports yesterday that China Mingsheng bank,

Recap Dec. 1

Thursday, November 30, 2017

Prognosis negative
For all the peculiar price contortions that have characterized our post-crisis financial world,

Recap Nov. 30

Tuesday, November 28, 2017

Price is might
Let’s take a brisk tour of the most exciting, confounding, lucrative and, yes, dangerous financial realm in recent memory:

Recap Nov. 28

Monday, November 27, 2017

Rich get richer
An update on the century bonds issued by the (99-year old) Republic of Austria

Tractor pull
No salmon for this bear.

Recap Nov. 27

Tuesday, November 21, 2017

Almost Daily Variety Pack
A trio of bearish Grant’s calls have recently stumbled. We briefly return, free of self-congratulation, to each with an update.

Bone broth

On second thought

No refunds

Recap Nov. 21

Monday, November 20, 2017

Cereal acquirer
Fourth quarter results from St. Louis-headquartered food manufacturer Post Holdings, Inc., could be described as a little soggy,

Recap Nov. 20

Friday, November 17, 2017

World's smallest Veolin
It was only a matter of time, but the first triple-B-rated credit (that’s two notches above junk) in Europe has managed to place debt at a negative yield.

Command economy
Adam Smith’s “invisible hand” has a different connotation in Red China.

Recap Nov. 17

Thursday, November 16, 2017

On the other hand
Ahead of yesterday’s auction at Christie’s, which included an eye-watering $450.3 million price for Leonardo Da Vinci’s (disputed) "Salvator Mundi,”

Paging Hyman Minsky
“An excessive focus on stability will cause hesitation in pushing ahead with reforms and delays – a situation that could eventually lead to a ‘big crisis.’”

Recap Nov. 16

Tuesday, November 14, 2017

GE whiz
How ugly has the recent dive in General Electric’s stock price been?

Rate rout
Behold, the incredible disappearing yield curve.

Recap Nov. 14

Monday, November 13, 2017

It's easy to grin
Is the global shipping industry, long mired in a turgid slog amidst overcapacity and a lukewarm economic environment, finally springing to life?

Bull market here
The Nov. 7 edition of Investors Intelligence contained something of a milestone:

Recap Nov. 13

Friday, November 10, 2017

Dispatches from the upside down
Talk about lower-for-longer:

Recap Nov. 10

Thursday, November 9, 2017

Better than gold
“Billionaire’s row,” and “foreclosure auction” are not traditional neighbors on the written page, but 2017 has occasionally made for strange bedfellows.

Recap Nov. 9

Wednesday, November 8, 2017

Cycle repair
Chinese peer-to-peer lender Ppdai Group, Inc. (it’s pronounced pee-pee-dye) is set to make its New York Stock Exchange debut on Friday,

Recap Nov. 8

Tuesday, November 7, 2017

Top of the Rock
A bittersweet benchmark in the Land of the Rising Sun:

Where's that remote
Set your DVR’s:

Ephemeral ethereal
Techcrunch reports today that ethereum, the second largest crypto currency by market cap after bitcoin, is facing a significant technical problem.

Recap November 7

Monday, November 6, 2017

Iced 'tice
How much debt is too much?

Pool cleaner
As a bookend to the evident complacency shown by Altice bondholders, consider today’s €600 million, 10-year euro bond from Benton Harbor, Mich.-based Whirlpool Corp.

Recap November 6

Friday, November 3, 2017

Finish line
Is the Australian economic engine, long firing on all cylinders, finally beginning to falter?

Bjork Bucks
Attention crypto-loving experimental music fans!

Recap November 3

Thursday, November 2, 2017

Crème de la credit
The Mongolian 5 5/8s of 2023, down from initial price talk of 6 1/8

Frayed elastic
Good news first.

Recap November 2

Tuesday, October 31, 2017

Keep on growing
An upbeat turn in the fortunes of U.S. employees, from deep in the heart of Texas:

Dad bod revisited
Under Armour, Inc. reported weaker than expected results for the third quarter and lowered fiscal year guidance this morning.

Recap October 31

Monday, October 30, 2017

Dollar dominated
Uncle Sam is feeling his oats.

Race to zero
A new salvo in the ETF price wars was fired today by Franklin Templeton Investments.

Recap October 30

Friday, October 27, 2017

2017, A Spaced Odyssey
From Bloomberg comes a short-list contender for headline of the year:

Little dipper

Recap October 27

Thursday, October 26, 2017

Paging Count von Count
Shares in microblogging social network Twitter, Inc. zipped higher by almost 20% today

Look ma, no hands
A capital migration is underway from the Land of the Rising Sun.

Recap October 26

Wednesday, October 25, 2017

Timing is everything
A short-form play, in three acts:

The final frontier
A soon-to-debut bond issue from the East Asian nation of Mongolia is following a now-familiar script: Spreads tighter than underwriters had initially hoped for.

Recap October 25

Tuesday, October 24, 2017

Ring that bell
From Businesswire: “Today the Active Alts Contrarian ETF (SQZZ),

Marvelous Margin Hagler
Everybody out of the pool!

Recap October 24

Monday, October 23, 2017

Gilted age
An insightful (on multiple fronts) blog post appeared on Friday from the Bank of England’s Alex Tuckett,

Recent headline, sentiment check in the digital currency realm:

I'll just have a coffee

Recap October 23

On this day in history

Friday, October 20, 2017

Don't spam me, bro
Fast growing, richly-valued and highly-shorted Axon Enterprises, Inc. (AAXN on the Nasdaq) is facing an unusual predicament.

Junkyard dog
A sea change is underway in fixed income across the Atlantic,

Cover Your Assets

Recap October 20

Thursday, October 19, 2017

Gone are the days
Today marks an even 30 years from the stock market crash of 1987.

Give me price discovery, but not yet
With apologies to the philosopher Augustine of Hippo, his timeless musing on human nature has found modern application from different constituencies.

Recap October 19

Tuesday, October 17, 2017

Consignment rack
Retail has of late been channeling the likes of film characters Al Czervik and Thornton Melon, in a thus far fruitless search for some respect.

Recap October 17

Monday, October 16, 2017

Free money
The flow of capital into passive investment strategies has intensified into a veritable deluge.

Recap October 16

Wednesday, October 11, 2017

Mellow mood
Mr. Market's friendly frame of mind continues to coax forth issuers of all stripes.

Ancillary antics
Speaking of triumphant visits to the credit market,

Strike one for value

Recap October 11

Monday, October 9, 2017

Carving station
Today, Turkey and the U.S. terminated reciprocal visa services following the arrest of a U.S. embassy staff member in Istanbul...

Crypto chronicles
Speaking of exciting asset classes, the digital currency realm rarely fails to provide grist for believers and skeptics alike.

Friday’s Almost Daily Grant’s incorrectly identified Pepsi CEO Indra Nooyi as a McKinsey & Co. alumna.

Recap October 9

Friday, October 6, 2017

Lefty-loosey righty-tighty
Steve Mnuchin is shopping for bearskin. The Secretary of the Treasury...

The science of multiple expansion
An excerpt from commentary made by PepsiCo, Inc. CEO and Boston Consulting Group alumna Indra Nooyi on the company’s third quarter conference call earlier this week:

Recap October 6

Thursday, October 5, 2017

West Texas approximately
Interesting developments abound in the energy complex.

Irish buys are smiling
Yesterday, the Republic of Ireland issued €4 billion worth of five-year debt, priced to yield negative-0.008%,

Recap October 5

Tuesday, October 3, 2017

Credit cremation, cause and effect
Recent bond issues from the likes of Valeant Pharmaceuticals International, Inc. and the Republic of Tajikistan

Recap October 3

Monday, October 2, 2017

Mr. Market giveth
Laval, Quebec-headquartered Valeant Pharmaceuticals International, Inc. is back at the borrowing trough,

7. Minute. Abs.
Trying to raise some quick funds, but want to avoid burdensome registration with the SEC? You are in luck.

Recap October 2

Friday, September 29, 2017

Someone's excited
RECORD HIGH FOR THE S&P 500! Tweeted our caps lock-happy Commander in Chief this morning.

Disruption digest
Gothenburg, Sweden-based startup Egotist Mondial recent debuted the Pause Pod,

Recap September 29

Thursday, September 28, 2017

States of play
One of municipal America’s leading problem-children is about to see a lot more change in its piggybank.

Permanently high flight plan
Take it away, CNBC:

Recap September 28

Wednesday, September 27, 2017

Siphoned cistern
Water finds its own level, so they say. Perhaps the same is true with crude oil.

Whither fake news
With apologies to Lewis Carroll, the state of online advertising is getting “curiouser and curiouser.”

Recap September 27

Tuesday, September 26, 2017

Redux reflux
You can’t go home again.

Recap September 26

Monday, September 25, 2017

To the Max
Used vehicle retailer CarMax, Inc. pleased The Street on Friday with second quarter results that topped expectations

Recap September 25

Friday, September 22, 2017

Child's play
An increasingly stark contrast in credit: capital flows forth like beer at a frat party, while large swaths of corporate debtors nevertheless struggle to ward off the economic grim reaper.

Recap September 22

Thursday, September 21, 2017

When you’re chewing on life’s gristle: don’t grumble, give a whistle!
Standard & Poor’s overnight downgrade of China’s sovereign credit rating (to A-plus from double-A-minus) hasn’t exactly fomented mass panic.

Price action update

Recap September 21

Tuesday, September 19, 2017

Tastes like chicken
Post Holdings, Inc. (POST) is back on the deal docket. The food retailer and investment bankers’ B.F.F. today announced

They said it
An excerpt from “Time to Change Your Investment Model”, an article in the CFA Institute’s Financial Analysis Journal

Recap September 19

Monday, September 18, 2017

Liquid courage
Ukraine external financing not weak!

Whiplash walk
Bored or frustrated by the pronounced lack of volatility in equity markets?

Recap September 18

Friday, September 15, 2017

Pension predicament
The modern financial epoch is defined by a few common threads,

Recap September 15

Thursday, September 14, 2017

Little red rooster
A bulletin in this morning’s Wall Street Journal reveals that an affiliated entity of Chinese internet retailing giant Alibaba Group Holding Ltd. has become the world’s largest...

He said it
Facebook alum and 2011 founder of VC firm Social Capital Chamath Palihapitiya is a New Economy true believer.

Recap September 14

Wednesday, September 13, 2017

Penthouse blues
Euphoria is in short supply.

Recap September 13

Tuesday, September 12, 2017

'Nobody remembers anything'
Anyone out there pining for the days of the last credit cycle? If so, the Land Down Under might be the place for you.

Notable quotable
J.P. Morgan boss Jamie Dimon has some choice words for bitcoin.

Recap September 12

Monday, September 11, 2017

Riding Sbers
Heady days are at hand for the emerging markets realm.

Recap September 11

Friday, September 8, 2017

Two way street
An incongruous sighting from the bourgeoning market realm of exchange traded funds:

Last call
China currency bulls don’t have to go home, but they can’t stay here.

Recap September 8

Thursday, September 7, 2017

Pb trial balloon
Does he even read the newspaper?

Out with the old,
The Silicon Valley boom is so 2013.

Recap September 7

Tuesday, September 5, 2017

Dividend divot
Back to school, back to the bond market.

Doctor Feelgood
Behold the pronounced bull action recently seen in Red China.

Recap September 5

Friday, September 1, 2017

Three point turn
A peak of sunshine in the dealer lots?

Recap September 1

Thursday, August 31, 2017

Packaging peanuts
The broth is getting cold. Campbell’s Soup Co. (NYSE: CPB) reported fourth quarter results this morning which managed to dissatisfy the low expectations of its decidedly un-bullish cadre

Recap August 31

Wednesday, August 30, 2017

Rate roundup
A few dispatches from the world of borrowing and lending:

A useful exercise
Wondering what you missed out on

Recap August 30

Tuesday, August 29, 2017

Electric slide
Jeff Bezos hasn’t conquered the whole world just yet.

Recap August 29

Monday, August 28, 2017

Sovereign sardines
Animal spirits are stirring in Italy.

There's only one, blockchain
Ahead of his victory in Saturday’s “Fight of the Century” (the first since 2015), boxing legend and periodic taxpayer Floyd Mayweather had a different type of “money” on his mind.

Profiles in something
An extraordinary article in the New York Times’ Dealbook this afternoon, details the investment strategy of Seth M. Golden, former logistics manager at Target turned day trader.

Recap August 28

Friday, August 25, 2017

No fall zone
As is the seasonal wont, the eyes of Wall Street have this week been trained westward to the annual central bankers confab in Jackson Hole, Wyo.

Private Pile
Japan’s Softbank Group Corp. yesterday finalized a $4.4 billion investment in WeWork Cos.,

Interest rate observation
As for our EZ credit progenitors, the furtive series of rate hikes undertaken by Chair Yellen since the end of 2015 is widely expected to continue into next year,

Recap August 25

Thursday, August 24, 2017

Dress rehearsal
Summer doldrums? Not in the realm of Chinese short term lending rates.

Wayback machine
August 24, 2015 saw the culmination of growing risk aversion following China’s currency devaluation earlier that month.

Recap August 24
Modestly bearish action in equities left the S&P 500 at the low end of a tight range by day’s end, while Treasury yields ticked higher across the curve.

Tuesday, August 8, 2017

Rounding error
Loss making Uber Technologies, Inc. (Grant’s, January 27) wants to grow.

The buck stops here
Will the last U.S. dollar bull to leave kindly turn out the lights? To say the least, 2017 has not been kind to the greenback.

Headline of the day
Bear breaks into SUV, then takes it for a short drive.

Recap August 8
“Fire and fury,” and a 30 basis point decline. President Trump’s in-kind response to the North Koreans this afternoon spurred a modest drop in the S&P 500 that felt like a crash compared to the remarkable recent inertia in the major indices.

Monday, August 7, 2017

Whipping Post
St. Louis-based Post Holdings, Inc. is striking while the iron is – or rather, remains – hot.

Recap August 7
Closing at the top of a remarkably narrow 20 basis point range was enough to push the broad S&P 500 to another record high.

Thursday, August 3, 2017

Tape delay
A common economic thread today links a handful of nations across North America, Europe and the Land Down Under.

Tech sightings
Free broadcast television can be yours – all you need is some sort of apparatus to convert electric power to radio waves. What are these space-age devices called? Antennas.

Recap August 3
A late spasm of risk aversion followed news that Special Counsel Robert Mueller has convened a Grand Jury as his investigation of Russian interference in the 2016 elections, but as is recent custom the bulls quickly regained control to push the averages back into the green by day’s end.

Wednesday, August 2, 2017

Paid to wait
This year’s emphatic advance in stocks has been accompanied by equally agreeable price action in credit.

Visa approves
The Australian “Black Economy Taskforce” has some proposed remedies in their fight against something or other, beyond potentially implanting hi-tech nano chips in AUD $50 and AUD $100 notes.

Recap August 2
Stocks recovered from a harrowing 40 basis point decline in the S&P 500 to finish at the unchanged line, near their closing high water mark

Tuesday, August 1, 2017

In reverse
The 2017 auto market has gone from limousine to lemon.

Paging the Festrunk brothers
Yesterday, Uber announced plans to produce, in partnership with Barclays, its own credit card later this year.

Recap August 1
Stocks wiggled higher, with the S&P 500 remaining within a 1% peak/trough range for a hard-to-fathom tenth straight day.

Monday, July 31, 2017

Negative rates, positive carry
That quasi-public entity known as the Swiss National Bank released its operating results for the first half of 2017 this morning, earning a reported profit of CHF 1.2 billion ($1.24 billion) through June 30.

Your broker on line two
Like the central bankers, the ETF promoters never seem to take a day off.

Recap July 31st
Stocks eked out small gains, with the S&P 500 rising to within a few points of last week’s high water mark, while Treasurys finished little changed.

Friday, July 28, 2017

Runs runs Rudolph
Europe is enjoying solid economic conditions and pleasant asset price action amidst the loving embrace of Mario Draghi and Co. So why are bank runs on the minds of the regulators?

Garlic, mirrors and sunlight
It has already been a week to forget for the market-leading FAANG contingent, with components Google (Alphabet, Inc.) and Inc. each trading lower after earnings releases which left something to be desired.

Recap July 28th
A North Korean missile test showing increased range was no match for the summer Friday doldrums, as equities lost some ground early then gradually rebounded to leave the S&P 500 virtually flat for the week.

Thursday, July 27, 2017

Bid quarry
What’s going on in the formerly-moribund large cap gold mining realm?

The Grant’s in-house team of Wealth Editors have been apprised that Jeff Bezos this morning surpassed Bill Gates to become the world’s richest man, with a current net worth estimated at $90 billion.

Recap July 27th
Another round of calm summer trading was interrupted in the early afternoon by a volatility spike and FAANG-led decline in the Nasdaq.

Tuesday, July 25, 2017

Best Ally
Price match: It’s not just for flat-screen TV’s anymore.

Bills lose again
Some unusual sightings of late in the short end of the money market:

Chinese food for thought
It seems that nowhere in the world do economic fortunes vacillate so quickly between potential disaster and euphoria as the Middle Kingdom

Recap July 25th
Strength in the financials and resources offset heavy trading in health care amidst the procedural vote toward repeal of the Affordable Care Act to push the S&P 500 to another closing high.

Monday, July 24, 2017

Soirée temps
A few dispatches from across the Atlantic and beyond:

Why didn’t we think of that last time?
Headline of the day, via Reuters:

Recap July 24th
A slow summer Monday featured sideways action in the major indices, while a headline earnings beat from Google after the bell was met rudely, to the tune of an initial 3% share price decline.

Friday, July 21, 2017

Rich in Fibra
Mexican REIT Fibra Uno reported in-line earnings this morning, eliciting little more than shrugs.

Wild wild east
Chinese retail investors are demonstrably risk-tolerant: Just note the proliferation of wealth management products, financing stocks, bonds, commodities and all other manner of assets.

Points for creativity
Disgusted by the prospect of a ketchup-slathered hot dog?

July 21st recap
Monthly options expiration did little to spice up the recent index-level inertia, with the broad S&P 500 logging a narrow pullback from the most recent highs logged yesterday.

Thursday, July 20, 2017

IPO blues
A strange sighting on the wires this morning: On the day its shares were scheduled to price, prospective public concern Yogaworks announced it was pulling the plug on its scheduled initial public offering. “Market conditions” was the company’s announced rationale.

One from the vault
Near 30 years ago, the late-July 1987 edition of Grant’s

Recap July 20th
Stocks consolidated their most recent advance, with the S&P managing to eke out a new closing high, while Treasury's flattened a bit after yesterday’s curve-steepening sell off.

Wednesday, July 19, 2017

What a Wonderful Whirl
Now unfolds an update on a pair of conservatively-financed, venerable American companies with business models that (we contend) are at risk of competitive disruption:

Sand castles in the desert
Those who thought that not-early stage bull markets were a time for shorts to complain about manipulative managements and an easy Fed might be forgiven for some cyclical confusion.

Recap July 19th
A powerful leg higher left the S&P at its best intraday levels at the close, as all eleven sector groups finished in the green with leadership in the resources (energy and materials) despite a bounce in the U.S. Dollar index.

Tuesday, July 18, 2017

Green tea leaves
The Bank of Japan has been hard at work.

Bull sightings
Courtesy of today’s Wall Street Journal: the old-school, tried-and-true (to its proponents) “Dow Theory” is signaling higher equity prices.

Recap July 18th
Netflix-mania sparked a strong rally in the FAANG contingent and was enough to help nudge the S&P 500 to another nominal closing high amidst generally lackluster action away from tech.