What is the risky asset, asks Jim Grant, scratching his head over the worldwide move into...

|By:, SA News Editor

What is the risky asset, asks Jim Grant, scratching his head over the worldwide move into fixed-income paper "certified" as safe (I, II, III), even as the actions of central banks make them "certifiably unsafe." Calling the fiscal cliff the Y2K of 2012, Grant says time is better spent searching for cheap assets (MetLife previously). "Stocks bought well are going to do well. Bonds yielding nothing are not."