1.Grant’s Interest Rate Observer came into the world in 1983 to help its readers to buy low and sell high, or the other way around. We are seekers after investment value, poppers of bubbles and students of unintended consequences.

2. We are mindful of the financial past even as we divine (or try to divine) the financial future. We produce long-form essays in the service of deep analysis of stocks and bonds, both domestic and foreign, long and short alike. We write up to our readers, never down.

3. We believe that monetary and financial progress in America peaked as President Woodrow Wilson raised his hand to sign the Federal Reserve Act.

4. Since that fateful day more than a century ago, individual responsibility for financial outcomes has increasingly given way to collective responsibility, creating moral hazard.

5. Interest rates, the most consequential prices in capitalism, which ought to be discovered in the market, are increasingly administered by the Fed.

6. Today’s rates, the lowest in 4,000 years, harm savers, advantage speculators, misdirect capital and perpetuate the unnatural lives of failing businesses that, by rights, ought to leave the marketplace to more capable competitors.

7.We observe that radical monetary policy begets more radical policy and low rates, still lower rates. Repeated monetary interventions have fostered financial fragility, slow growth and heavy indebtedness.

8. To forecast is to err, and Grant’s makes its share of mistakes. But we have spotted, and issued timely warnings against, most of the excesses of the past 38 years, not excluding the abuses that culminated in the Great Recession.

9. We are currently taking the measure of some of the most speculative markets in history. Risks lie ahead, but so, too, do immense opportunities. We welcome new subscribers. Visit http://GrantsPub.com  to learn more.