Reasonable Nutjob Caucus
To the anarchist Pierre-Joseph Proudhon, a certain French legislature was a "box of matches." We judge that a Trump fiscal appointment meaningfully boosts the chances of political conflagration in the new administration.
Wrong number
A certain vendor of an indispensable 21st century communications service loses money, piles on leverage and underinvests in its capital stock. Still, its bond prices rally and its share price levitates. Yield-grubbing in a bull market.
Can make it anywhere
"Sell New York," we said, and someone did. That someone is hereby stricken from the list of Grant's short-sale candidates.
Out of the kitchen
Beleaguered by eight years of weaponized regulation, the dining-out industry sees a new day dawning. What am I to bid for a like-new, high-end commercial stainless steel 2-bay steam table with drain and storage shelf?
China being China
Unsurprisingly, Mr. Market complicates the cadres' attempts to control the money market. Looking ahead to an eventful Chinese New Year.
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James Grant is the author of these books on finance and American history.
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