Message-ID: <19441085.1075863410598.JavaMail.evans@thyme> Date: Fri, 26 Oct 2001 07:47:07 -0700 (PDT) From: grants@wsrn.com To: j.kaminski@enron.com Subject: Grant's Interest Rate Observer (Vol.19, No. 20/Oct 26, 2001) Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Grants Publishing @ENRON X-To: Kaminski, Vince J X-cc: X-bcc: X-Folder: \VKAMINS (Non-Privileged)\Kaminski, Vince J\Deleted Items X-Origin: Kaminski-V X-FileName: VKAMINS (Non-Privileged).pst Hot Off the Cyberpress! A new Grant's publication is now available at www.grantspub.com. Here are highlights of the newest THE EPIDEMIC THAT WASN'T This country was founded in terror. The 17th-century Puritan settlers confronted the New England winter and King Philip's braves. They lived in fear of the pope and his legions of Frenchmen. In the summer of the signing of the Declaration of Independence, smallpox posed a greater danger to American patriots than the redcoats did. . . . AT ANY RATE On the train from Narita Airport to downtown Tokyo, a uniformed girl sells drinks from a cart. Reaching the end of an aisle, she pauses, turns to face the inattentive passengers, smiles broadly, performs a deliberate, steep bow and wheels her drinks into the next car. Commerce works differently in a society in which rank and deference sometimes precede supply and demand. YIELDS WITH HAIR The bear market in credit has created opportunity as well as loss, distress, apprehension and a general flu-like malaise. Following are some interest-generating investment ideas contributed by knowledgeable high-yield practitioners, starting with one from Anand Iyer, head of convertible-bond research at Morgan Stanley. CROSSED UP Not one visionary expected that anything so pedestrian as debt would thwart the technological destiny of Global Crossing, the Western Union of the 21st century. Yet the company hangs by a thread. DATING GUIDE Asserting that the U.S. has entered a new age of productivity growth, defenders of the bullish faith are fond of citing the 2.5% annual growth rung up in the golden years, 1995-2000. This record they compare to the lamentable 1.3% annual growth posted in 1973-95. Grantspub.com Dispatch is sent free to all registered subscribers and e- mail recipients. Dispatch carries between-issue articles by our editors and reporters, reprints relevant stories (and cartoons!) from our archives, alerts readers to the posting of new issues and highlights other items of interest. Dispatches are archived at http://www.grantspub.com. Grant's Financial Publishing Inc. is the publisher of Grant's Interest Rate Observer. Copyright 2001, all rights reserved. If you no longer wish to receive Grantspub.com Dispatch, go to http://www.grantspub.com/remove.cgi?email=vince.j.kaminski@enron.com