Mr. Market Miscalculates


Book Description

"Wall Street newsletters come and go, but Grant's Interest Rate Observer has gone on and on. It has enlightened, enriched and provoked Wall Streets most successful investors every two weeks for the past 25 years. Its thousands of readers treasure it not only for its insights and analysis, but also for its clarity and wit." "This special anniversary collection of Grant's articles traces the tumultuous events of Americas bubble era: from the dot-com boom of the late 1990s to the house-price levitation of the early 2000s to the subsequent worldwide mortgage collapse. The essays contained herein make up no armchair history, but a living record comprised in the heat of events. They chronicle what happened and why - and what, in editor Grant's best judgment, was likely to happen down the road."--BOOK JACKET.




Mastering The Market Cycle


Book Description

A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLER The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets, and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights—drawn in part from his iconic memos over the years to Oaktree’s clients—you can master these recurring patterns to have the opportunity to improve your results.




Bernard M. Baruch


Book Description

This biography of Bernard Baruch considered to be renowned as the definitive story about the notorious financial wizard and presidential advisor. Baruch's political policies are discussed briefly, and James Grant includes a detailed account of Baruch's trading and investment gains and losses.




John Adams: Party of One


Book Description

A biography of the revolutionary, founding father, and second president of the United States explores his origins as a son of Massachusetts who crafted himself into an uncompromisingly ethical politician and social reformer.




Mr. Speaker!


Book Description

James Grant’s enthralling biography of Thomas B. Reed, Speaker of the House during one of the most turbulent times in American history—the Gilded Age, the decades before the ascension of reformer President Theodore Roosevelt—brings to life one of the brightest, wittiest, and most consequential political stars in our history. The last decades of the nineteenth century were a volatile era of rampantly corrupt politics. It was a time of both stupendous growth and financial panic, of land bubbles and passionate and sometimes violent populist protests. Votes were openly bought and sold in a Congress paralyzed by the abuse of the House filibuster by members who refused to respond to roll call even when present, depriving the body of a quorum. Reed put an end to this stalemate, empowered the Republicans, and changed the House of Representatives for all time. The Speaker’s beliefs in majority rule were put to the test in 1898, when the sinking of the U.S.S. Maine in Havana Harbor set up a popular clamor for war against Spain. Reed resigned from Congress in protest. A larger-than-life character, Reed checks every box of the ideal biographical subject. He is an important and significant figure. He changed forever the way the House of Representatives does its business. He was funny and irreverent. He is, in short, great company. “What I most admire about you, Theodore,” Reed once remarked to his earnest young protégé, Teddy Roosevelt, “is your original discovery of the Ten Commandments.” After he resigned his seat, Reed practiced law in New York. He was successful. He also found a soul mate in the legendary Mark Twain. They admired one another’s mordant wit. Grant’s lively and erudite narrative of this tumultuous era—the raucous late nineteenth and early twentieth centuries—is a gripping portrait of a United States poised to burst its bounds and of the men who were defining it.




The Forgotten Depression


Book Description

"By the publisher of the prestigious Grant's Interest Rate Observer, an account of the deep economic slump of 1920-21 that proposes, with respect to federal intervention, "less is more." This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007-09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007-2009. In 1920-21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late in 1921. In 1929, the economy once again slumped--and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates"--




Extreme Money


Book Description

Everything from home mortgages to climate change has become financialized, as vast fortunes are generated by individuals who build nothing of lasting value. Das shows how "extreme money" has become ever more unreal; how "voodoo banking" continues to generate massive phony profits even now; and how a new generation of "Masters of the Universe" has come to domiinate the world.




Financial Fiasco


Book Description

Now newly expanded, with a with a new chapter on the spreading global economic crisis, Financial Fiasco guides readers through a world of irresponsible behavior by consumers, decisionmakers in companies, government agencies, and political institutions.




The Trouble with Prosperity


Book Description

In this updated paperback edition, Jim Grant spins a series of revealing, interlocking stories from little-known Wall Street lore. The historic episodes of boom and bust wittily recounted by Grant offer cautionary lessons for every investor.




Bagehot: The Life and Times of the Greatest Victorian


Book Description

“Excellent… and written in a gripping style.” —The Economist During the upheavals of 2007–09, the chairman of the Federal Reserve had the name of one Victorian icon on the tip of his tongue: Walter Bagehot. Banker, man of letters, and inventor of the Treasury bill, Bagehot prescribed the doctrines that—decades later—inspired the radical responses to the world’s worst financial crises. Persuasive and precocious, he was also the esteemed editor of the Economist. He offered astute commentary on the financial issues of his day, held sway in political circles, made as many high-profile friends as enemies, and won the admiration of Matthew Arnold and Woodrow Wilson. Drawing on a wealth of historical documents, correspondence, and publications, James Grant paints a vivid portrait of the banker and his world.