NEW YORK, Oct. 30, 2013 /PRNewswire/ -- The November 1st issue of Grant's Interest Rate Observer, a journal of the financial markets, is published and available to the public. This issue is now available for download at www.grantspub.com for all subscribers. To subscribe please visit: http://www.grantspub.com/subscribe or call John D'Alberto: (646) 312-8890. The current issue includes the following articles: NOT SO FAST, JOSEPH SCHUMPETERWe accept as fact that the 21 st century is a time of wonders and prodigies—don't you wish you could show them to Benjamin Franklin? Yet in certain intellectual and policy-making circles, inflation today is courted like an old flame. LESSONS UNLEARNEDIn equity valuations, what's old is new again, James. S. Chanos observed at the Grant's conference. And what once was discredited is today being rehabilitated. 2014 RATES PREVIEW James Aitken told the crowd that "being less wrong on rates, in particular, is the key to making money" in the coming year. And how might one do so? YIELD ON ILLIQUIDITY Paul Isaac, who has guided Arbiter Partners to a 10-year average annual return of 24%, held forth on fetching opportunities for those in a position to avail themselves of overlooked securities. CRISIS ACCELERANTReading up on "risk parity" brought to mind an ant colony, Paul Singer told the conference comers. The investment strategy is not portfolio insurance, but there are similarities. LONG AND SHORT Steve Galbraith channeled the spirit of Alfred Winslow Jones, progenitor of the American hedge fund, with one to buy and one to sell. FREE PUNCH LINE Martin Leibowitz, lead author of "Inside the Yield Book" (the third revised edition was recently published) told the audience that he was prepared to do something no author should ever do. KLARMAN RETURNS CASHWhen came his turn to speak, the president of The Baupost Group held forth on monetary policy, the search for cheap optionality, and his obligation to protect his clients' purchasing power.