Grant’s Current Yield 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. @hedgeyelndstrls 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 Jay’s favorite ideas 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

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 on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com

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 Dan’s positioning 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

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 nature of indexation 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

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 bear market.  A mirror to today? 18:02 Contrarianism and consensus 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 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 Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com

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. deflation 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

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