You've read their prose. Now hear their voices. Listen to Jim Grant and Evan Lorenz talk high finance, Grant's-style, with plenty of wit and historical context to enliven their discussion of today's foremost investment topics. Welcome to Grant's Radio!
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Jim Grant delivers a holiday message and review of 2019 financial events. 1:15 The state of the world as 2020 looms. 7:45 All things cyclical 11:30 The repo hiccup and unscripted events. 17:15 UST margin demand: a product of unnaturally-low rates? Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest
@AmitySchlaes, author of “Great Society: A New History,” stops by the office to discuss her new book. http://www.amityshlaes.com 2:24 #BrettonWoods and the “bonanza” 8:50 Michael Harrington goes to Washington 13:10 Arthur Burns: A Greek tragedy 19:45 Presidential pressure on the Fed, then and now Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer
Each analyst identifies a notable recent event. Jim provides a winter reading recommendation. 1:40 Dazed and confused 4:18 Crude oil and the VC market 10:24 Jim reviews “#1931” by #TobiasStraumann (shorturl.at/ioJS0) 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.
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
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
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
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
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?
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
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
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
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
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
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
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. @hedgeyeindstris 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
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
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
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
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
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
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.
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
Andrew Park, senior editor at S&P Global’s LCD unit, joins Grant’sto 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/ Tweets by
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” [email protected] https://www.linkedin.com/in/georgefriedmangpf/ https://www.facebook.com/GeorgeFriedmanGPF/ Subscribe to
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
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” [email protected] Subscribe to the Grant’s Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen
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. Brenton Point Wealth Advisors 1:37 The European Central Bank takes it easy 6:40 Negative interest rates, back in vogue 12:39 Market cap to GDP:
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 [email protected] [email protected]_of_japan_e Subscribe to the Grant’s Current Yield Podcast on iTunes,
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 [email protected] [email protected] Subscribe to the Grant’s Current Yield Podcast
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