Detailed
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December 6, 2019
Don Coxe, chairman at Coxe Advisors LLP and commodity investor par excellence, calls in to discuss the latest in agriculture and its implications. www.coxeadvisors.net/ 1:31 A contrarian look at the climate 8:38 An opportunity in natural gas? 14:07 The Maunder Minimum 17:20 A new commodity boom:  Wither inflation? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
November 22, 2019
Leigh Goehring and Adam Rozencwajg stop by the office to discuss opportunities in natural resources. www.gorozen.com   1:10 #Apple worth more than the entire energy sector   4:19 What’s happening with shale?   12:21 Tier-one wells on the wane   18:43 Bargains abound in energy   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
November 16, 2019
In October 2017, Marc Cohodes unveiled a new idea to the Grant’s conference crowd. @AlderLaneeggs   His remarks follow. 3:20 Free speech - for the bulls 18:58 Taking things personally 28:45 A common theme 35:12 “This is not a game”   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
November 8, 2019
Jim, Evan and Phil recap highlights from the Grant’s 2019 fall conference and discuss a recent sea change in the business environment.   1:49 #Uber, #Grubhub and business model limitations 6:20 Private equity’s smooth marks 10:45 Fair and foul, and foul fair 14:12 World Series postmortem 18:50 Balance sheet ignition   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com  
October 18, 2019
Twitter user @Donutshorts calls in to discuss his investment process, assess the world at large and identify some companies which may offer compelling opportunities on the long and short side.  0:55 Positioning in an “everything bubble” 6:15 WeWork and trouble in tier-one real estate 11:30 Low rates in the U.S., negative rates elsewhere.  Convergence coming? 17:30 Opportunities and risks in the energy patch 20:20 Uber, unicorns and free money Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 11, 2019
Rick Rule, president and CEO of Sprott U.S.A. Holdings, Inc., calls in to discuss the outlook for precious metals and offer suggestions on the best ways to invest. http://www.sprottusa.com @RealRickRule   1:26 A word from Lord Liverpool 5:30 Rick’s view of cryptocurrencies 10:57 How to buy gold? 14:30 The outlook for mining shares 20:48 “I just believe it goes higher” Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 3, 2019
George Selgin, director of the #Cato Institute's center for monetary and financial alternatives, calls in to discuss remarkable recent events in the banking system and the potential implications. @GeorgeSelgin 1:21 A money market which fails to clear 5:45 Interest on excess reserves: Unintended consequences 11:24 Too much collateral = too much debt? 15:50 More QE on the way 20:10 Fixes to fixes to fixes Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
September 21, 2019
Bianco Research president and eponym Jim Bianco calls in to help us make sense of last week’s chaos in short term lending rates. Jonathan Tepper, founding partner at Variant Perception, assesses the commercial landscape and identifies potentially attractive opportunities. @biancoresearch @jtepper2 @VrntPerception   8:15 Why didn’t the banks arbitrage those high rates? 13:50 Excess reserves and post-crisis regulation 19:00 Corporate competition on the wane 24:20 Europe set for a rebound?   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
September 12, 2019
Marty Fridson,  chief investment officer Lehmann, Livian, Fridson Advisors LLC and “One of Wall Street’s most thoughtful and perceptive analysts” according to the New York Times, stops by to discuss all things credit. 2:54 What’s new in high-yield and leveraged loans   7:30 Marty’s preferred income-generating assets 13:00 A garden-variety recession:  Enough to spur widespread defaults? 19:24 Price controls, central planning and central banking 24:03 Can negative-yielding issuers default?   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
August 13, 2019
Tuomas Malinen, PhD (econ.) CEO of GnS Economics Limited and Adjunct Professor of Economics at the University of Helsinki, calls in to express his concerns with modern theory and practice. 2:00 Applying scientific principals to economics 6:24 Groupthink in action 13:10 Central banks and intellectual dissent   15:20 MMT: the endgame 17:32 Investment implications Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
August 4, 2019
Jim Bianco, president of Bianco Research, calls in to discuss the state of markets and central banking following Wednesday’s rate cut. @biancoresearch https://www.linkedin.com/in/james-bianco-117619152/   2:25 Press conference post-mortem 8:01 Inverted yield curve: predictor of recession, or cause? 14:10 Negative rates on the way for the U.S.? 21:41 Jim’s interview at the Fed Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
July 14, 2019
Jay Van Sciver, head of industrials at Hedgeye Risk Management, comes by to discuss opportunities in cyclicals, the state of the economy and some of our favorite profitless unicorns. @hedgeyelndstrls https://www.linkedin.com/in/jay-v-6740985/   2:10 Decelerating growth and replacement demand 5:13 Jay’s preferred metrics 11:07 Why don’t Uber and Lyft make money? 15:38 Down on the farm 18:26 Jay’s favorite ideas Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
July 5, 2019
Carl E. Walter, longtime bank executive and coauthor of “Red Capitalism,” joins the program to discuss important recent happenings in China. 2:55 Reading the tea-leaves 8:12 Baoshang Bank: A small fish causing big problems 14:12 Hong Kong and the mainland 19:56 More stimulus on the way? 24:38 Swapping loans for bonds Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 25, 2019
Dan Fuss, vice chairman of Loomis, Sayles & Company and fixed income investor extraordinaire, calls in to discuss the state of markets in 2019. @LoomisSayles www.loomissayles.com https://www.linkedin.com/company/loomis-sayles-&-company/ https://www.facebook.com/pages/Loomis-Sayles/309712695756188 1:36 A rate-hike shock collar 8:12 Negative rates and the nature of safety 17:07 The 1984 bear market retest: Symmetry? 22:44 The “flow of funds phenomenon” 27:00 Dan’s positioning Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 21, 2019
Rob Arnott, founder and chairman of the board of Research Affiliates, LLC, calls in to assess conditions and opportunities around the world. 3:47 “There’s no such thing as a bargain  in the absence of fear” 8:53 Shiller P/E and central banks 13:06 Bubbles in a negative-rate era 20:13 Deficit spending: Does it matter? 24:36 The nature of indexation Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 11, 2019
Jeff Snider (@JeffSnider_AIP), head of global research of Alhambra Investments, calls in to discuss the workings of the modern financial system, and to offer his views on the best ways for investors to position themselves.   1:35 Eurodollars: What they are and why they matter 8:20 “There’s something wrong here” 14:55 Paul Volker and the bond bear market.  A mirror to today? 18:02 Contrarianism and consensus Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 5, 2019
Jim, Evan and Phil assess the state of play in high-yield credit, macroprudential regulation and an instructive recent op-ed in @WSJ. 1:40 #Trump and the USS John McCain 5:24 Do businesses need a rate cut? 10:26 An Aiful-ly low yield 16:16 Alternatives to raising rates Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
May 29, 2019
Christopher Balding, associate professor at the Fulbright University of Vietnam, calls in to discuss all things China. @BaldingsWorld 1:43 Dramatic change in the air. Social credit risk 5:15 Economic growth, real and reported 9:25 “They are shorter on dollar liquidity than most people realize” 15:11 Huawei: What do we make of it? 23:18 Inflation vs. deflation Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
May 23, 2019
A super-sized episode.  Jim, Evan and Phil discuss the latest financial happenings.  Sabrina Fox, executive advisor of ELFA Investor Group, details the challenges awaiting creditors in Europe’s loan and high-yield debt markets. @freewheelingfox https://www.linkedin.com/in/sabrina-fox-45b29b7b/ https://elfainvestors.com/ 1:12 Unicorns: Where’s the beef? 11:06 This Compass points away from the profits 15:38 European credit, a bird’s-eye view 23:02 Covenant erosion on either side of the Atlantic 29:33 Information asymmetry and liquidity in the secondary market Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
May 13, 2019
Kent Collier and Sarah Gefter of credit research firm @Reorg call in to discuss the latest happenings in distressed debt. www.reorg.com @DDinvesting 3:51 2007, then and now 7:16 Taking inventory of the cycle 12:51 The J. Crew “trapdoor.”  Innovation or gimmick? 18:02 Deteriorating accounting standards 20:38 Issues that might ring the bell Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
May 8, 2019
Andrew Park, senior editor at S&P Global’s LCD unit, joins Grant’s to discuss all things credit. 1:35 The current cycle:  What’s different? 5:45 CDOs in 2008 and CLOs today. Similarities and differences 12:01 Promised acquisition strategies: Dreams don’t always come true 15:55 Credit managers need new supply, and borrowers happy to oblige https://www.spglobal.com https://www.linkedin.com/in/andrew-park-1b87642/ https://twitter.com/apark_ Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com    
April 30, 2019
George Friedman (@GPFutures), founder and chairman of Geopolitical Futures, calls in to discuss global goings-on and their potential investment implications. Jim identifies a potential long-term inflection point. 1:17 Germany’s upside-down banking system 7:29 Bad loans: A Chinese specialty 9:45 What to expect 90 years out? 14:28 The “Time Magazine indicator” .@GPFutures https://www.linkedin.com/in/georgefriedmangpf/ https://www.facebook.com/GeorgeFriedmanGPF/ ‏ Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
April 8, 2019
Barclay Leib (@btl0823) founder and principal of Sand Spring Advisors, LLC, comes by the office to discuss asset allocation, forensic accounting and Wall Street history. 1:44 Rules for selecting fund managers 5:40 Where does “edge” come from? 8:18 Fun and games in fund returns 12:17 The famous Hunt brothers trade 18:30 Unfavorable prices? Regulate them away Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
March 24, 2019
Jim, Evan and Phil break down the watershed FOMC meeting this past week. Jim provides his updated reading list.   1:00 A startling announcement 5:15 2003 redux 10:08 E-Z money in the #economy 15:30 “Tools” and “frameworks” and “challenges”   .@federalreserve Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com  
March 12, 2019
Michael Schaus, director of market research for Brenton Point Wealth Advisors LLC and Zweig-DiMenna, stops by the office to discuss the current outlook and to remember the great investor Martin Zweig. https://brentonpoint.com/ 1:37 The European Central Bank takes it easy 6:40 Negative interest rates, back in vogue 12:39 Market cap to GDP: An useful indicator? 20:50 Weighing stock picking vs. macro  Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
March 5, 2019
Jim and Evan discuss the latest monetary happenings, the retirement of a Wall Street legend, and a little baseball.  1:17 The Fed’s listening tour and William McChesney Martin 8:20 Inflation catch-up 12:45 “A lack of dynamism” 13:00 Bill Gross and the Bank of Japan .@federalreserve .@bank_of_japan_e Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
February 22, 2019
Jim and Evan discuss recent happenings, with European credit and banking in focus. 1:32 French 30-year sovereigns offer “solid yields.”  3:40 Deutsche Bank, the big sick puppy 9:19 European banks and the so-called capital relief trade 10:45 Memorializing Dodgers great Don Newcombe 11:51 Amazon.com’s puffer jacket .@DeutscheBank .@Amazon.com Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
February 17, 2019
As Japan marks 20 years of ultra-low rates, Jim and Phil take a look at monetary policies around the world. Jim shares his current reading list.   1:47 How long's secular? 3:50 Negative interest rates: a compendium 10:36 Grant's book club 14:57 The Fed's solvency, or lack thereof Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com  
February 2, 2019
Simon Mikhailovich, lead manager of the Tocqueville Bullion Reserve, stops by Grant's world headquarters to discuss doing business in the modern administrative state.   4:17 The "menacing" language of compliance 9:30 #Gold, negative-yielding bonds and safety 16:53 Jim's reading list   .@S_Mikhailovich www.bullionreserve.com Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
January 23, 2019
Russell Napier, independent strategist  and co-founder of the Electronic Research Interchange, joins the program to discuss the state of financial markets and his thought-provoking recent essay in the Financial Times.  3:18 “There’s a global monetary system?” 6:06  Central bank credit and “the savings glut” 11:28 Treasury yields: The world’s most reflexive asset class 18:35 ”The People’s Bank of China can inflate the whole world” https://www.facebook.com/financialtimes/ https://www.eri-c.com/ https://www.linkedin.com/in/russell-napier-81292846/ https://www.linkedin.com/company/financial-times/ @ERICresearch @FinancialTimes Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
January 17, 2019
Alex J. Pollock, distinguished senior fellow at the R Street Institute in Washington and former president of the Federal Home Loan Bank of Chicago, calls in to discuss the state of our central bank’s own finances. @RSI @FHLBC 3:07 Unrealized losses and the printing press 6:27 Treasury issuance and the Fed 9:45 Negative capital.  Does it matter? 15:55 Partially paid-in capital;  echoes of the banking partnerships of old Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
January 12, 2019
The usual suspects discuss an array of financial happenings, while Jim recaps a recent Grant's field trip.   1:20 Economists and diversity 7:31 @McDonalds franchisees; they ain't lovin' it 10:51 Buffalo bash 16:17 New year, new ideas?   Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
December 7, 2018
Keith Bronstein, commodities guru and president of TradeLink Holdings, LLC, calls in to discuss futures, interest rates and his latest big idea.  2:12 An opportunity in #eurodollar futures? 9:50 No-bid futures and modern finance 13:25 “Instability isn’t considered instability when prices rise” 20:01 Assessing the #Fed’s next moves Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
November 20, 2018
Bob Farrell, longtime Merrill Lynch head of research, celebrated market technician and author of the widely cited 10 Rules for Investors, calls in to share his insights with Grant’s. 2:21 What’s changed, and what’s the same 6:40 “Excesses in one direction lead to excesses in another.”  Does that apply to interest rates? 11:20 Capital allocation strategies in a lower-return environment 16:49 Buy and hold and cyclical fluctuations 20:13 Contrarian ideas right now   Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
November 13, 2018
Wendy Battleson, co-founder and principal of Art Strategy Partners, shares her expertise on the state of the market and its connection with other asset prices 1:48 Banksy’s self-destruct button 6:10 Guaranteed bids – for a fee 11:21 Inflation in Warhol’s 17:16 The art market; an extension of Wall Street?   Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
November 5, 2018
Michelle Leder, reporter and founder of Footnoted.com, stops by to discuss recent trends in corporate accounting and the regulatory environment. @footnoted  0:55  Accountants: Who needs them? 2:54  “Terms and conditions may apply” 10:48 Corporate shortcuts and the S.E.C. 13:12 The things that corrections correct Click here to read Harvard Business Review article "Why we need to update Financial Reporting for the Digital Era". Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
October 31, 2018
Jonathan Tepper, founder of macro research firm Variant Perception and author of The Myth of Capitalism, calls in to discuss the rise of corporate monopolies and its implications. @jtepper2 1:24 The Myth of Capitalism and Amazon.com, Inc. 6:08 The beer industry, duopolies and innovation 10:14 Low interest rate policy and the rise of #cartels 15:31 The “big pendulum” of anti-trust policy and the FAANGs 20:30 Buybacks and underfunded pensions Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
October 29, 2018
Chris Whalen, publisher of the Institutional Risk Analyst and financial industry expert, stops by the office to discuss the economy, credit and the Fed. @rcwhalen 1:22 The banks, as safe as a house? 6:51 A tightening Fed and profits 10:55 Rising credit costs coming down the pike 6:48 Leveraged loans, then and now 20:04 Goodbye, wealth effect Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
October 22, 2018
Dean Curnutt, founder and chief executive officer of Macro Risk Advisors, joins Grant’s to talk markets, volatility and anticipating the future. @Dcurnutt 1:42 Today and 2017, have things changed? 5:52 #Gold, the anti-S&P 11:23 Risk parity and trend followers: The next step 19:50 Opportunities in cyclical #stocks Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
October 15, 2018
Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, joins the cast of characters to review pertinent signals in growth, interest rates and inflation. 4:48 The future path of inflation 9:34 Keynes and the 1960’s 12:36 An interest rate surprise? 17:03 Financial repression and conventional indicators Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
October 9, 2018
Kevin Warsh, former Federal Reserve governor and distinguished fellow at the Hoover Institution, pays Grant’s a visit to discuss the state of the world and markets. 1:55 Making sense of the move in bond yields 6:20 The Fed and the market.  Who’s in charge? 11:41 Generation-length trends in interest rates 20:07 David Hume, corporate profits and interest rates 23:23 The evolution of money  Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
September 26, 2018
Jim, Evan and Phil hold forth on the topics of the day. 0:51 Profits and interest rates 7:48 Inflation, the very long view 9:51 Human achievements and #financial cycles Subscribe to the Grant's Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
September 14, 2018
Dan Gertner, Grant’s alum in the run-up to and the midst of the 2008 crucible, comes back into the fold to review those years of excess and subsequent panic. 1:27 An email from Alan Fournier 7:30 A memorable lunch meeting 12:45 Parallels to the present day 19:10 Refinitiv: The largest leveraged buyout since the #crisis Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
September 7, 2018
John Haskell, head of research at Explorador Capital Management, joins Grant’s to assess opportunities in the particularly beaten down realm of emerging markets. 2:01 Where’s the value? 6:45 Argentina, bottom up investing under macro duress 10:43 Other opportunities in South #America 15:30 Implications of a bearish reversal in the U.S. Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
August 31, 2018
Tony Canale, global head of research at Covenant Review, joins Grant’s to discuss what’s new in credit. 1:25 New laws in #Delaware and the J. Crew trapdoor 7:17 Overlooked risks for #corporate creditors 11:16 Triple-B, the frontier of #junk 17:30 Cycles, #fear and overconfidence Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
August 13, 2018
The usual suspects hold forth on a variety of financial topics, while Jim shares some of his favorite current books. 0:55 What’s happening this fall 2:25 #Gold has no friends 5:50 Yield curve: Predictions, theory and history 7:12 Beach reading, Jim Grant style Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com  
July 30, 2018
Richard Sandor, chairman and CEO of the American Financial Exchange and the Father of Financial Futures, joins Grant’s to help us make sense of the major changes that are coming to the world financial system. 1:32  What’s wrong with #Libor? 8:10 The Secured overnight #financing rate: Is it an improvement? 14:54 A potentially fraught transition from Libor 18:23 The role of #collateral 22:40 Milton Friedman, flexible exchange rates and the #gold standard Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com  
July 19, 2018
China, the leveraged loan market, Netflix and the Los Angeles Dodgers utility-man (why not?) headline another scintillating investment discussion.  0:00 “Maximum” Max #Muncy and value investing 1:53 Cracks in the #China facade 5:19 Debt or equity?  The #Netflix conundrum 11:05 Humphrey Hawkins redux and #crypto invades the CFA Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
July 9, 2018
Jim, Evan and Phil discuss the world’s various points of pressure, and provide a few other trenchant observations. 1:05 The Declaration of Independence gets unfriended by #Facebook 3:52 HNA, #China and the world 7:02 Italy’s populists and the #European Central Bank 11:28 U.S. junk #bond yields on the move Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com  
July 2, 2018
A Grant’s variety pack: Jim, Evan and Phil hold forth on an array of topical financial matters. 1:36 North Korea, AT&T and the future 5:10 A July 4 message from Thomas Jefferson 6:08 Changes in #China 13:55 Corporate buybacks and corporate debt 15:10 Crypto carnage Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com    
June 18, 2018
Seth Daniels, founding partner of JKD Capital, LLC, and Ben Rabidoux, president of North Cove Advisors, join Grant’s for a thorough analysis of the Canadian housing market and the potential consequences of a downturn. 1:42 Housing: Canada’s #economic engine 5:50 Parallels to the U.S. experience 10:00 Mortgage #fraud and bad actors 15:05 What sort of opportunities are available for #investors? Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
June 11, 2018
The indomitable Montana Skeptic (@MontanaSkeptic1) joins Grant’s for a hearty discussion of the most polarizing car company in the world, 1:51 Is a “supernova” third quarter in the works? 3:54 The basic #bear case 7:49 #Model 3 reservation holders: What now? 13:26 The lawyers circle 16:14 Montana’s overall #investment approach Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com
June 4, 2018
Francine McKenna, (@retheauditors)  transparency reporter at MarketWatch, joins the regular cast of characters to discuss auditing and accounting trends, and their crucial role for investors. 4:07 What do investors get wrong about #financial statements? 8:41 Auditors do not draft financials 13:49 Are certain #law firms more likely to push the envelope? 19:48 Do auditors have a fiduciary duty to #investors? Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music.  Grant's Interest Rate Observer is available at www.grantspub.com
May 21, 2018
Jonathan Tepper (@jtepper2), chief editor of Variant Perception, and @John_Hempton, chief investment officer of Bronte Capital Management, share their macro and micro expertise on corporate concentration and corporate fraud. 2:09 How do managers contend with increasing industry consolidation? 8:51 “A time of #disruption”, while barriers to entry rise 12:04 Summertime for corporate #fraud Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music.  Grant's Interest Rate Observer is available at www.grantspub.com
May 14, 2018
Adam Cohen, founder of Covenant Review, joins Grant’s for an insightful overview of our loosey-goosey credit market. 1:20 “Read the footnotes,” then and now 8:41 Where is the danger for lenders? 13:54 Potential consequences of widespread cov-lite Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music.  Grant's Interest Rate Observer is available at www.grantspub.com    
April 23, 2018
Steven D. Bleiberg, managing director and portfolio manager at Epoch Investment Partners, Inc., joins the regular cast of characters  for a lively discussion of modern portfolio theory and its limitations. 2:50 What is a stock, a portfolio, the #market? 6:20 The theory is now #reality 11:05 #Risk, asymmetry and indexing 14:33 Profit and the cost of #capital Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music.  Grant's Interest Rate Observer is available at www.grantspub.com
April 9, 2018
Jim Bianco, president of Bianco Research, LLC, joins the team to talk bonds, the Fed and much more. 1:00 Where are #rates going? 5:51 The #Fed and the Heisenberg principle 11:07 Potential consequences of a decade of interest rate #price control 15:10 The significance of a three percent 10-year #yield Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com http://www.grantspub.com
April 2, 2018
David Stockman, director of the Office of Management of Budget under President Reagan and mas­ter of mazy budgetary arithmetic, joins Jim and Evan for a scintillating discussion of fiscal and monetary matters. 0:00 The #Simpsons foreshadowing 3:20 Deficits and #debt monetization. What’s the harm? 9:01 Requiem for a #bond bull market 15:30 Sell what the #central banks are selling Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com  
March 28, 2018
Jim, Evan and Phil revisit Grant’s 2017 bearish analysis of Facebook, with historical analog. 2:05 “Sell #Coke” 1996 6:06 Paul Fusselll and #human folly 10:41 Where do we stand now? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
March 26, 2018
Biff Robillard, president and co-founder of Bannerstone Capital Management, LLC, joins the team to share his insights on the markets and investors’ state of mind. 1:40 Major changes are afoot 5:18 Rough road ahead for the #dividend aristocracy 9:05 #Pricing power, who has it? 14:55 Lack of #investor enthusiasm Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com  
March 19, 2018
Ed Yardeni, President of Yardeni Research, Inc. and author of Predicting the Markets, A Professional Autobiography, joins Jim for a lively discussion. 1:52 Interest #rates, then and now 4:11: “The #bond market has been rigged” 7:22 #Inflation is the big risk 12:08 Has #macroeconomics succeeded? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com    
March 12, 2018
Jim, Evan and Phil discuss the latest happenings in the Middle Kingdom and around the globe. 1:17 The People's Republic of #Debt 3:17 #Zombie bond market for zombie companies 7:10 ECB scorns #tariffs, buys bonds  13:09 The perils of #social media Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
March 5, 2018
Stephen Stanley, chief economist and Xavier Negroni, co-head of the finance desk at Amherst Pierpont Securities, join the Grant’s team to try and make sense of the jump in short rates, while speculating on the Fed’s next move. 2:17 The mighty #dollar is getting no respect 6:48 The Feds Powell debuts in front of #congress  8:30 What are #credit spreads telling us? 11:15 "#Investors have lots of choices" 17:00 Stephen forecasts the 2018 #rate hike regime Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
February 5, 2018
Jon Boyar, president of Boyar Research, joins the team to discuss opportunities in U.S. equities that are not eligible for the major indices. 1:45  Jon’s approach to finding #value 5:40 Patience is a virtue 11:55  Jon’s investment process and a few of his favorite #stocks Subscribe to Grant's Podcast on iTunes & Stitcher.  Grant's Interest Rate Observer is available at http://www.grantspub.com
January 22, 2018
Kai Stinchcombe, co-founder and CEO of True Link Financial, joins the team to discuss his recent article questioning the utility of the supposedly-groundbreaking software for digital assets.  2:07 The case against the #blockchain 4:14 A costless and decentralized form of exchange: #Cash 4:45 #Bitcoin conference doesn’t accept bitcoin 7:17 #Ripple and international payments 12:28 “Here’s your #libertarian paradise, have a nice day” 21:15 It works somewhere else! Subscribe to Grant's Podcast on iTunes & Stitcher.  Grant's Interest Rate Observer is available at http://www.grantspub.com
January 16, 2018
Mark B. Spiegel, managing member at Stanphyl Capital, joins the team to discuss his favorite ideas, long and short. 2:47 #Tesla, a love affair in reverse 6:40 Opportunities in the nano-cap realm 10:02 Fewer public #companies. Less value? 12:13 Mark’s thoughts on agricultural #commodities Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
January 1, 2018
Porter Stansberry, founder and editor of Stansberry Research, joins Jim for an enlivening conversation about the business and financial world at large.  1:33 What do people want to do with their money? 5:08 1999 and today 8:01 The #bitcoin pitch 12:48 Where is the #value? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
December 25, 2017
Jim wraps up a most unusual 2017 and looks forward to the year to come. Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
December 20, 2017
Andy McCulloch, head of Real Estate analytics at Green Street Advisors, gives Grants the lay of the land. 1:18 Does the "everything bubble" include RE? 4:44 Breaking down the #Westfield acquisition 13:02 Cheap financing in #Europe and international arbitrage 16:24 "What would #Buffett buy?" CapEx creates mispricings 21:21 Current attractive opportunities Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
December 11, 2017
Grant’s welcomes Victor Shih, associate professor at The University of California, San Diego, to discuss that crucial question. 0:40 The #Steinhoff Saga 6:47 Is #China set up for near term financial calamity? 9:12 Debt service rising faster than #GDP 13:13 We owe it to ourselves 17:30 Economic rebound ahead of the #19th Party Congress Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
December 6, 2017
JHL Capital Group chief investment officer James Litinsky joins Grant’s to share his views on opportunities and risks around the world. 0:56 #India: Country of the future? 4:50 Current opportunities after a strong #rally 8:18 How to play late cycle in the #U.S. 10:47 The most vulnerable financial #assets 14:34 How much #cash to hold? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com  
November 27, 2017
Special guest Bill Fleckenstein joins the Grant’s team to take inventory of current conditions 1:35 Triple-B-rated #bonds yielding less than zero 5:43 #Bitcoin and the apocalypse 7:28 #Tech, then and now 12:34 #Trump and volatility 15:52  What’s different this time? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
November 22, 2017
A lively discussion of the sometimes-lengthy wait for investment ideas to come to fruition 1:53 #GE in 1990 7:50 Mortgage #bonds in 2006 11:52 Valeant #Pharmaceuticals in 2014 Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
November 10, 2017
Jim and Evan welcome special guest Paul Isaac, CEO and Founder of Arbiter Partners, to discuss current opportunities and risks. 1:54    Paul’s #bitcoin trading strategy 7:40    Value in #Japan 12:30  Other periods of technological #disruption 14:45  Is #Exxon vulnerable to a market downturn? 17:14  Strategies for an expensive market 20:37  Paul’s favorite #stocks in the U.S. Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 30, 2017
Jim, Evan and Phil hold forth on noteworthy sightings in credit,  while Jim challenges a core premise of modern central banking.  0:43 #ECB taper announcement 2:36 Taylor Rule funds rate and the flattening yield curve 5:05 The search for “stability” 8:35 Kobe Steel bondholder surprise 9:55 10-year yield at a key level 12:14 The last great #bond bear.  In like a lamb… 14:01 “Unprecedented in degree, persistence and circumstance” Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 18, 2017
Jim, Evan and Phil take inventory of notable topics and unusual occurrences around the world. 2:50 Blackrock and Vanguard assets approach #China GDP 5:59 Indexation, or unmanaged #money? 7:13 Magically shape-shifting earnings at #GE 10:30 Market Makers: New kids on the block 12:43 1987 stock market #crash turns 30 17:47 #Treasury curve pancakes Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 11, 2017
Jim and Evan discuss opportunities and risks in the restaurant industry with John Hamburger, president of the Restaurant Finance Monitor. 0:53 Employment trends and #business activity 2:42 Low rates begets overcapacity 6:28 Risks for franchisees 8:10 Who owns the #real estate? 11:45 Global synchronized recovery and record #credit creation 14:20 Timeless cyclical psychology Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
October 2, 2017
Jim and Evan discuss the outlook for crude oil and other commodities with fund manager Adam Rozencwajg   0:48  President #Trump vs Candidate Trump 4:42 Adam’s thoughts on #oil 6:44 How to play a rising oil price 13:00 Implications of increased hedging activity 15:53 The outlook for #copper and #gold
September 27, 2017
Jim, Evan and Phil take inventory of notable financial developments, big and small, around the globe   0:37 European #highyield or Treasurys, take your pick 3:44  Homeowners in #China taking a shine to mortgage debt 7:13 Securities analysis is back 11:45 Cliff Asness, momentum and #Amazon Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
September 18, 2017
A common theme connecting some of today’s most popular investments:  a very, very long time horizon  1:30 #Austria floats a 100-year bond 3:24 Limited supply of #bitcoin? 4:24 #Tesla promises one million cars per year 7:30 Five year/five year #Euro inflation swap rate 12:58 Hawkish hints 16:40 Half-empty #FOMC Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
September 11, 2017
Jim and Evan discuss potential candidates to replace Janet Yellen, as well as some strange doings at The Social Network. 1:10 President #Trump and Central Bankers 5:23 It’s hard to make predictions, especially about the future 11:03 #Facebook can’t count 14:04 Tajikistan’s incredible shrinking yield Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
August 21, 2017
Grant's vacation episode.
August 14, 2017
Jim and Evan break down the latest from the Swiss National Bank, along with the #Tesla bond offering, #cryptocurrencies and much more. Click here to view the article discussed in this Podcast; Sell Coke 0:55 - Swiss National Bank 3:55 - Central Banks 6:05 - Corporate Bonds 7:23 - #Tesla 8:32 - Restaurant Jobs Growth 12:03 - Long Term Trends 14:19 - "Sell Coke" 18:34 - Bonds Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com
August 8, 2017
An invigorating chat with Frederick “Shad” Rowe; talking Facebook, peak oil and much more
July 31, 2017
1:10 #Whirlpool earnings recap 4:10 #QQQ price/earnings methodology 11:15  ETF-ation 13:06 Sponsored by somewhat 15:30 False precision in #government statistics 17:24 Initial Coin Offerings #cryptocurrencies Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
July 24, 2017
Articles mentioned in this #Podcast: Sprott Asset Management July 2017 Strategy Report 2:10 Similarities between #cryptocurrencies and #gold 5:42 Which cryptocurrencies will survive and prosper 10:10 How can gold reassert itself? 16:06 Are digital coins #securities? 20:24 #Blockchain in the mutual fund business 24:30 Grant’s AMA: Jim’s P.A. holdings Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
July 14, 2017
Articles mentioned in this #Podcast: Now comes ‘deconvergence’ Inside ACE Securities’ HEL Trust, Series 2005-HE5 Introducing the Grant’s Supermodel Credit Portfolio 2:52 Grant’s 1987 bearish call on #Japan 4:40 Sell common stocks, said #Grant’s in 1995 7:55 #AEM encounters the Wolverine 13:02 #Greece de-converges 15:00 2006 delusions 19:06 Grant’s #supermodel portfolio, December 2008 Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
July 10, 2017
1:38 #Rates so high you can observe them   3:14 #Fed minutes recap   7:14 No such thing as a #wealth effect   10:14 #Inflation is too damn low   14:46 Excess capacity in the #restaurant industry    18:36 constant renewal of radical monetary policy  Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 30, 2017
:07 Intro 1:16 Japanese banks and their #dollars 5:55 TCW's Tad Rivelle channels David Stockman 8:14 Janet #Yellen isn't worried 11:30 "The way forward is clear." Is that so? 14:02 #Kraft Heinz CEO responds to critics  Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
June 26, 2017
2:25:  Everything in #Illinois is going broke 6:07:  Flattening yield curve, this time is different? 9:15:  #Fed vs bond market 12:42 Charles Evans discovers #Amazon 16:20 We need #inflation? 19:00 Which way interest rates 21:45 Fundamentals in the #energy market Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com 
June 19, 2017
1:31 The #Fed is determined to hike #rates 5:28 Record private business #debt 8:17 Tightening cycles can have outsized consequences 9:00 The #German grocers are coming 11:30 #Fairway’s dead-wood expansion 13:00 #China’s curious #Anbang Insurance Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com  
June 2, 2017
       
May 4, 2017
1:36 New ETF & historically low volatility in markets 5:29 The unseens of the Ben Bernanke recovery 7:40 Lorenz on Swiss National Bank 10:51 What’s going on with Sprint? 14:05 Demand in automobile market Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
April 24, 2017
3:50 Why Singapore government debt is the best long idea 6:56 Are there any strong currencies? 9:33 Death of mercantilism 12:45 Napier on populism & the American Constitution 15:48 Where to buy stocks 19:30 Bullish on bonds 24:12 If Adam Smith were here... Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
April 20, 2017
1:53 French Presidential election 4:10 Guide for the buyer of euro-denominated French sovereign credit 8:30 Grant & Lorenz react to NY Fed President remarks on how markets are instruments of policy 10:57 Why are Chinese regulators fearful? Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
April 6, 2017
0:29 Identifying short ideas 7:02 Cohodes on his approach 12:12 stamps.com model 23:23 Cohodes on Bank of the Internet 28:51 What’s going on w/ Canadian housing market? Subscribe to Grant’s Podcast on iTunes & Stitcher. Grant’s Interest Rate Observer is available at http://www.grantspub.com
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