Financial Epochs

“FINANCIAL EPOCHS come and go on little cat feet. Nobody issues a press release to herald their arrival. And no one rings a bell to toll their departure. One day people wake up to discover that the world has changed.” This is the way James Grant introduced the last chapter in his 2008 book Mr. Market Miscalculates. Who am I to say, but I think James Grant is right: we are in a whole new ball game. The cat has quietly gone buy:-)

Here's the way Mr Grant ended his book: “If we are wrong about all this, we will have touted our readers off a possible move into Treasury securities to dramatic new lows in yield. But that risk we judge to be far less costly than a move to much higher yields on the back of an inflation rate not much higher than the one the market is ignoring today (May 2 2008).” 412 What is James Grant saying? Full book report on Mr Market Miscalculates inside