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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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


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 [email protected]_Mikhailovich www.bullionreserve.com Subscribe to the Grant’s Current  Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play


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


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


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


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


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


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


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


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


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,


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,


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,


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


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 Musicor listen from our website, www.grantspub.com


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


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


Tony Canale, global head of research at Covenant Review, joins Grant’sto 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


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


Richard Sandor, chairman and CEO of the American Financial Exchange and the Father of Financial Futures, joins Grant’sto 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


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,


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


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


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


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


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


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


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


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


The markets and economy of the United States seems to be in a more unstable position than ever.  Many are worryingly, yet rightly asking: What’s next?   One of the most accurate assessors of the markets and economy, financial historian, and famed publisher of Grant’s Interest Rate Observer, Jim Grant is painting a bleak picture.


Former Director of the Office of Management and Budget under President Ronald Reagan and three-term Congressman from Michigan, David Stockman sat down for an exclusive interview with Grant’s Interest Rate Observer publisher Jim Grant   In the famed words of Lisa Simpson, how can America be broke under President Donald Trump? “It can, and it


President of Bannerstone Capital Management LLC, Biff Rollibard believes we’re in a state of epic change, as in e-p-o-c-h.  Rising rates and inflation could be near and not all investors, let alone the American public are aware nor ready for it.  What should they do?   Throughout the course of world history, nothing has vice


Macroeconomics has been the economic norm for over a century in the Western Hemisphere.  But with many stagnant economies across the globe and a decaying middle class in the US, it may be time to question many methods. Finance expert and legendary publisher of Grant’s Interest Rate Observer, Jim Grant does just that.  On the


China and its debt problem has largely gone under the radar in the minds of average Americans and other mainstream circles, however financial experts and analysts have been alarmed over China’s astronomical debt to GDP ratio.  How will this impact world markets and even the lives of everyday Americans? Famed expert on Chinese financial affairs


All eyes are on the central bank of the United States of America — the Federal Reserve.  Famed financial historian and publisher of Grant’s Interest Rate Observer, Jim Grant discusses the Fed’s next move on Grant’s Podcast   PODCAST DESCRIPTION: Stephen Stanley, chief economist and Xavier Negroni, co-head of the finance desk at Amherst Pierpont


The Dow Jones is in free fall and the stock market has crashed after months of gloating from President Donald Trump.  How is this affecting U.S. families? The latest episode of Grant’s Podcast provides imperative analysis and advice during these turbulent times.  Jon Boyar, president of Boyar Research talks with Jim Grant & Evan Lorenz


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


Much blame for the 2018 government shutdown has been put at the feet of President Donald Trump and the Republicans in the United States Congress and Senate.  Many now believe that this, in turn, will help enhance the possibility of the American public to vote for the Democrats in the coming November 2018 mid-term elections.


Investor, Mark B. Spiegel, Managing Member of Stanphyl Capital Joins Finance Expert & Historian Jim Grant and Evan Lorenz of the legendary Interest Rate Observer on Grant’s Podcast. PODCAST DESCRIPTION:  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


American Financial Publisher Porter Stansberry founded Stansberry Research in 1999.  He joins finance historian and expert Jim Grant on Grant’s Podcast to discuss the world economy in 1999 and how it compares to today. PODCAST DESCRIPTION: Porter Stansberry, founder and editor of Stansberry Research, joins Jim Grant for an enlivening conversation about the business and financial


Jim Grant of Grant’s Interest Rate Observer looks back on the year of 2017.  Will the United States and the world economy avoid another financial crisis? Jim purveys his word, and also a message for the holidays as he closes out his first full year of podcasting. PODCAST DESCRIPTION: Jim wraps up a most unusual


Andy McCulloch, head of Real Estate analytics at Green Street Advisors, gives finance legend Jim Grant the lay of the land on the latest edition of Grant’s Podcast. 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


Jim Grant and Victor Shih on the China Ponzi scheme question. 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


Value Hunt INVESTMENT 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


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


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


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


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


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