Jim Grant has issued a complimentary issue of Grant’s Observer (Winter edition). I personally heard the following story from a former analyst for Grant:
Jim and Seth Klarman have known each other at least since the beginning of Grant’s Interest Rate Observer. Jim tells a story of how Seth Klarman interviewed him in 1983 about the publication (what his focus would be etc) before he would commit to paying $250 a year for a subscription. Jim Grant’s father pursued a varied career, including studying the timpani. He even played for a while with the Pittsburgh Symphony. But the day came when he rethought his career choice. “For the Flying Dutchman overture,” says his son, “they had him cranking a wind machine.”
Seth Klarman: Investors Can No Longer Rely On Mean Reversion
"For most of the last century," Seth Klarman noted in his second-quarter letter to Baupost's investors, "a reasonable approach to assessing a company's future prospects was to expect mean reversion." He went on to explain that fluctuations in business performance were largely cyclical, and investors could profit from this buying low and selling high. Also Read More
Below is a brief except from the publication and here is the link to the PDF.
Dollar bills will tumble from the digital presses until the labor market gets a pulse. Only then will the very same dollars be magically caused to disappear. In this way, pledges the Bank of Bernanke, there will be no unscripted inflation and no
unsightly bubbles, only a controlled, 2%-per-annum rise in the general price level, as defined. It will be as if quantitative
easing, parts one, two and three, never happened.