At MacroVoices we are honored to have Jim Grant as our featured guest and look forward to inviting him back in the future.
Jim counts some of the biggest hedge fund managers and best-known investors among his friends. (Not surprising really because they’ve all been reading his publication, Grant’s Interest Rate Observer, for years).
Here’s what they say about it:
To celebrate Jim's appearancen I’ve persuaded him to give members a special deal on Grant’s Interest Rate Observer. I have to say, he took some convincing because as you probably know, Jim doesn’t go “on sale.”
But he finally agreed, so I’m now going turn over to Jim and his team to tell you a bit more about this special deal and what’s happening at Grant’s Interest Rate Observer.
Oh, you may recognize the name of Jim’s very first subscriber – he’s also appeared on Real Vision…
Our very first subscriber to Grant’s Interest Rate Observer back in 1983 was a guy named Jim Rogers.
You may know Jim as the “Investment Biker” or the hugely successful former partner of George Soros.
Between 1970 and 1980, the Quantum Fund (which Jim co-founded with Soros) gained 4,200% versus just 47% for the S&P 500. Jim retired shortly thereafter.
But he remains a loyal Grant’s subscriber to this day. So loyal, in fact, he allowed us to quote him in this piece:
In addition to Jim we had…
Barton M. Biggs, former Loews Corp. CEO Laurence Tisch, Byron Wien, Leon Levy and hedge fund-pioneer and former Oppenheimer & Company chairman Jack Nash.
Somehow—gratifyingly—the best and the brightest of Wall Street found time for our startup.
These early readers were the base from which Grant’s grew to reach thousands of people around the world. We’d list their names in the ads we bought in Barron’s, the New York Times and the Wall Street Journal under the headline “They read it in Grant’s.”
And what was “it” these folks read?
Simple… Or actually not so simple. A team of analysts, led by Jim Grant, who tirelessly hunt for new ideas—things off the beaten path.
For decades, Grant’s has worked to identify the most value-laden investments—and the most fetching candidates for a short sale. We’ve cast our analytical net wide over countries and asset classes. We’ve combined the big picture and the small—macro ideas and individual securities alike.
With the ultimate goal of making our readers money…
Grant’s aims to see the present more clearly and to squint into the future more imaginatively.
Twenty-four times a year, we strive to uncover good ideas and to expose bad ones.
But our main goal is to tell you the next important event in the markets. And sometimes we succeed.
- As with the tech bubble in 1999
- The 2008 mortgage crash
- The 2009 recovery in financials
- And the 2012-13 rise in house prices
How have we been so prescient over the years?
We don’t have fancy, financial computer models or a team of MBAs and Ph.D.’s to help us make these predictions. And we don’t have access to any kind of special information.
But we have been immersed in the markets for over 30 years. And we’ve studied the financial history of the past 200 years. None of which guarantees clairvoyance—nothing does. What we do claim is the capacity to see the present in the context of the helpful lessons of the past.
Like when we warned about the mortgage debt bubble in September 2006.
From the Sept. 8, 2006 Grant’s:
“Overvalued,” we, in fact, judge trillions of dollars of asset-backed securities and collateralized debt obligations to be, and we are bearish on them. Housing-related stocks may or may not be prospectively cheap; they at least look historically cheap. But housing-related debt is cheap by no standard of value. For institutional investors equipped to deal in credit default swaps, there’s an opportunity to lay down a low-cost bearish bet.
One publicity-shy Grant’s reader used this information to make $15 billion in profits. You read that correctly… $15 billion.
So astute was our coverage, and so generous was our reader, that the gentleman tendered us public thanks.
We were also featured in the movie The Big Short… It was just a bit role.
In the film, two young fund managers – the guys from Cornwall Capital—were inspired to short the market after reading an issue of Grant’s.
We’ve also been featured in some more mainstream publications like CNBC, Bloomberg, the Wall Street Journal, The Financial Times, Barron’s and the New York Times—to name a few.
Financial Times veteran John Authers, reviewing a published collection of pre-crisis Grant’s articles in the FT in the fall of 2008, had this to say:
If Grant could see what was happening this clearly, and warn of it in a well-circulated publication, how did the world’s financial regulators fail to avert the crisis before it became deadly, and how did the rest of us continue to make the irrational investing decisions that make Mr. Market behave the way he does?
Then, in 2009, we turned bullish on bank stocks. From the March 6, 2009 Grant’s Interest Rate Observer:
If there is anything scarier than owning the stocks of banks, brokers and insurance companies during a credit liquidation, it’s being short them during the post-crisis moon shot.
At the time we wrote that piece, the Financial Select Sector SPDR Fund (XLF), a portfolio of bank stocks, was trading at $7. It did not stay at $7 for long. It positively levitated. Options on the XLF, also discussed in Grant’s, exponentially levitated.
Our work even made the cover of Time in 2016 for an article we wrote about the national debt.
While acclaim and media coverage are nice, I’m happiest that Grant’s still attracts the right audience.
That’s the whole secret to our success…
The most important aspect of Grant’s Interest Rate Observer is our family of readers. For decades, they’ve provided ongoing insight and conversation for our pages.
It all started with Jim Rogers, whom we mentioned above. But it’s grown to reach many more, equally impressive folks.
These are men and women who manage trillions of dollars, shape government policy and, frankly, make a difference in the world.
We’re honored these leaders of thought and finance still lean on Grant’s for fresh ideas and inspiration.
And even more honored when they share their valuable insights with Grant’s readers in both our publication and at our members-only events.
Over the years, we’ve featured exclusive insights from people like:
- Jamie Dimon, CEO of JPMorgan Chase & Co.
- Julian Robertson, co-founder of Tiger Management Corp.
- Frank Brosens, co-founder of Taconic Capital Partners
- Jim Chanos, founder of Kynikos Associates, LP
- John Bogle, founder of The Vanguard Group, Inc.
- Bill Ackman, founder of Pershing Square Capital Management, LP
- Stanley Druckenmiller, Duquesne Family Office, LLC
- David Einhorn, co-founder of Greenlight Capital, Inc.
- And more…
And in addition to sharing ideas with Grant’s readers and conference goers, these masters of the universe sometimes have time to say a nice word about our publication…
"It's always enlightening—and fun—to read whatever Jim Grant writes. He is at once a brilliant analyst, an opinionated (and sometimes harsh) critic, a provocateur with a quick wit, and—most of all—the most gifted writer in all finance. So of course, I am a regular and devoted reader of his Interest Rate Observer." —John C. Bogle, founder of The Vanguard Group, Inc. and creator of the first index mutual fund
"Grant’s is the only investment research I pay for." —Jeffrey Gundlach, founder of DoubleLine Capital, LP
"He has a way of putting issues and great insight that is both meaningful but can be humorous too. He’s got a manner about him and an ability to write that is remarkable." —Paul Volcker, former Federal Reserve Chairman
Ideas are what this business is all about. The more the better, we say.
Over our three decades in the business, we’ve built an impressive network of friends and associates. And we regularly feature thoughts and ideas from these folks in our flagship letter.
You can’t get this kind of information or access anywhere else.
Grant’s doesn’t promise overnight, 1,000% gains. If you’re looking for that kind of advice, you would have stopped reading by now…
At Grant’s, we want a reader who isn’t afraid to think. Who loves ideas. Who puts down an issue of Grant’s, so taken with an idea, he starts on a quest for knowledge all his own.
When you sign up for Grant’s, you get 24 issues a year.
Every two weeks, you’ll hear from Jim Grant and his team of analysts, led by the incomparable Evan Lorenz, CFA.
In every issue, you get the latest market commentary from Jim… Along with expert securities analysis and investment recommendations. And, every now and again, one of our better-known readers will chime in.
But, most importantly, you get access to the same research, at the exact same time, as many of Wall Street’s elite.
The cost to join this little club?
A one-year subscription to Grant’s Interest Rate Observer is $1,295.
As a subscriber, you receive a new issue every two weeks—both online and in the mail.
We keep track of every investment we cover on our subscribers-only website, which you can easily search by publication date.
You also get full access to Grant’s 34 years of easily-searchable archives.
We are not one for discounts. Frankly, I think $1,295 for a full year of our research is a bargain (similar publications charge 10 times that amount).
So, after some discussion Jim agreed to offer MacroVoices listeners a special bonus…
When you sign up for Grant’s Interest Rate Observer today, we’re giving you an additional month of Grant’s free to sweeten the pot along with personally signed copy of Jim Grant's recent book - The Forgotten Depression.
To join Wall Street’s best and brightest at Grant’s, simply become a subscriber below.
You’ll have immediate access to Grant’s latest issue and archive. And we’ll start sending you Grant’s Interest Rate Observer every other Wednesday.
And should you not enjoy our publication – a regretful outcome, indeed – just ask us for a refund.
We’ll happily provide you a pro-rated refund (based on the number of issues you’ve received) within 30 days. After 30 days, no more refunds.
So only sign up if you’re serious about reading Grant’s Interest Rate Observer. As a MacroVoices listener, we know you’re in that camp.
If Grant’s is good enough for Jim Rogers, Jack Bogle and Jeffrey Gundlach… we’re confident you’ll be happy with your subscription.
Best Regards,
Delzoria Coleman Circulation Manager, Grant’s Interest Rate Observer
*This Offer Is For New Subscribers Only. Questions/comments, send and email to: Subscriptions@grantspub.com Enter your information below and enter promo code MV318 on the next page
