NEW YORK, Oct. 30, 2013 /PRNewswire/ -- The November 1st issue of Grant's Interest Rate Observer, a journal of the financial markets, is published and available to the public. This issue is now available for download at www.grantspub.com for all subscribers. To subscribe please visit: http://www.grantspub.com/subscribe or call John D'Alberto: (646) 312-8890.
The current issue includes the following articles:
NOT SO FAST, JOSEPH SCHUMPETER
We accept as fact that the 21st century is a time of wonders and prodigies—don't you wish you could show them to Benjamin Franklin? Yet in certain intellectual and policy-making circles, inflation today is courted like an old flame.
In equity valuations, what's old is new again, James. S. Chanos observed at the Grant's conference. And what once was discredited is today being rehabilitated.
2014 RATES PREVIEW
James Aitken told the crowd that "being less wrong on rates, in particular, is the key to making money" in the coming year. And how might one do so?
YIELD ON ILLIQUIDITY
Paul Isaac, who has guided Arbiter Partners to a 10-year average annual return of 24%, held forth on fetching opportunities for those in a position to avail themselves of overlooked securities.
Reading up on "risk parity" brought to mind an ant colony, Paul Singer told the conference comers. The investment strategy is not portfolio insurance, but there are similarities.
LONG AND SHORT
Steve Galbraith channeled the spirit of Alfred Winslow Jones, progenitor of the American hedge fund, with one to buy and one to sell.
FREE PUNCH LINE
Martin Leibowitz, lead author of "Inside the Yield Book" (the third revised edition was recently published) told the audience that he was prepared to do something no author should ever do.
KLARMAN RETURNS CASH
When came his turn to speak, the president of The Baupost Group held forth on monetary policy, the search for cheap optionality, and his obligation to protect his clients' purchasing power.
FOR A LUCKY 13
If gold finishes the year above $1,675 an ounce, Trey Reik reminded the conference, 2013 would mark the 13th consecutive year of a bull market that many have chosen to forget. What caused it?
LIPSTICK ON THE COLLAR
It's been a bumper year for private equity and the bank debt that finances it. The Fed leaves its telltale mark.
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SOURCE Grant's Interest Rate Observer