Financial revelations of the day
Grant’s Current Yield Podcast
Grant's Financial Publishing, INc.
4.6 • 693 Ratings
🗓️ 18 October 2017
⏱️ 20 minutes
🧾️ Download transcript
Summary
Jim, Evan and Phil take inventory of notable topics and unusual occurrences around the world.
2:50 Blackrock and Vanguard assets approach #China GDP
5:59 Indexation, or unmanaged #money?
7:13 Magically shape-shifting earnings at #GE
10:30 Market Makers: New kids on the block
12:43 1987 stock market #crash turns 30
17:47 #Treasury curve pancakes
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Transcript
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| 0:00.0 | Ladies and gentlemen, welcome to the Grant's Interest Rate Observer podcast. |
| 0:10.9 | And with me today, as always, is Phil Grant, the author of the Almost Daily Grants, Daily, virtually, Market Bulletin, |
| 0:17.4 | the great Evan Lorenz, deputy editor of Grants, and at the controls, Eric Whitehead, |
| 0:21.6 | and I am Jim Grant. Today's episode is sponsored by Casper, which makes mattresses and e-financial |
| 0:26.9 | careers. Welcome aboard E-financial careers. Now, we begin with a serving of humble pie. |
| 0:32.3 | In the October 6th issue of grants, we produced a long, long piece on Bridgewater Associates, the world's |
| 0:38.6 | largest hedge fund. And the story came in two parts. First was a critique Bridgewater's eccentric |
| 0:43.2 | culture, secretive ways, an investing MO, and C-suite turmoil, and the distraction of the |
| 0:49.4 | principle and other such things. And the second part, the second part from which I'm about to |
| 0:53.2 | apologize, was an attack on the firm's compliance and regulatory practices. So the first part stands, |
| 0:58.9 | only a dozen people at top of this 1,500 person firm that to make the decisions. Anyway, I'm not |
| 1:03.3 | going to repeat that. What I am here to do is to apologize and try to make amends for the latter |
| 1:08.0 | part, which got all the attention or much of the attention. And this is the part in which we're wrong. We were wrong to suggest that there is a nefarious |
| 1:13.9 | relationship between Bridgewater and its auditor, and wrong to suggest that Bridgewater's |
| 1:18.5 | former employees who are kind of secunded to the Bank of New York Mellon as an outsourcing gig. |
| 1:24.4 | We're serving two masters, both the bank and Bridgewater, and wronged a cast, |
| 1:28.2 | in the light of suspicion, Bridgewater's disclosures on its prime brokerage relationship. So |
| 1:32.2 | Bridgewater, Bray Delio, and especially the nice lady who runs the compliance department, |
| 1:36.8 | Grant's interest rate observer, begs your forgiveness, we regret the errors. So, Evan, what has |
| 1:42.7 | the day brought by a way of revelation into this financial age of |
| 1:47.0 | hours? In fact, we have, we have the two of us. In fact, the three of us are equipped with a |
| 1:52.0 | list of headlines, and we can read some of them antiphanyly, as we do in church. You go ahead, |
... |
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