Jim Grant thinks that the Federal Reserve and central banks around the world have wildly overdone the easy money policies that followed the 2008 financial crisis.
Today Grant thinks there is a great distortion if not a bubble in high yield "junk" bonds where rates do not nearly compensate for the risk involved.
As for stocks he likes, Grant is truly contrarian. He recommends Russian gas giant Gazprom (MIC:RTGZ, Financial) which sells at a price to earnings ratio of 2.5 times and has a dividend yield of 5% with only a 15% payout ratio.
