Grants Podcast | Finance Expert Jim Grant On Investment, Stock Markets, Real Estate & Federal Reserve

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

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

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    

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    

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

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  

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    

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    

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

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  

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    

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    

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    

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 on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

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

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

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

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

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