Bonds

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The Bond Book: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More

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First published in 1992, this popular guide has been a perennial best-seller. The second edition is the most comprehensive resource currently available to individual investors. It has been completely updated and expanded with the latest information on such topics has junk bonds, inflation-linked securities, I saving bonds, CMOs, emerging market and other foreign bonds, and how to use the Internet to research and buy bonds. Like the first edition, The Bond Book assumes little or no knowledge of the bond market. But it explains all of the critical information required to buy any fixed income security. 
The Bond Book is divided into four sections. The introduction explains fundamental aspects of the bond market, such as credit ratings, interest rate risk, and how to interpret tables of returns and yield curves. The second section is devoted to individuals bonds, with separate chapters on Treasuries, municipal bonds, corporate bonds, mortgage-backed securities, and foreign bonds. A third section discusses the major types of bond funds, fully explaining each type of fund, along with its risks and returns for the past 20 years. A fourth section discusses the management of bond portfolios. Throughout the book, information is provided on how to cut costs when buying bonds, for example, how to buy Treasury bonds through Treasury Direct without paying commissions; and how to purchase no-load funds. Risk factors are also fully discussed. 

Readers of the first edition of The Bond Book praised it for its clarity and completeness. Based on reader reviews, it received a five-star Amazon rating. 

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The Bond Bible

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Fixed-income investments will never be as sexy as the day's hottest stock or a mutual fund focusing on the market sector du jour. But their very stability, combined with the equilibrium they provide when the Dow and the NASDAQ start bouncing around like 6-year-olds on a sugar high, are exactly why savvy investors count on them to round out their portfolios. Marilyn Cohen's The Bond Bible offers an unambiguous look at this once-arcane world, which--like much relating to investing--has become considerably less mysterious and immeasurably more accessible with the advent of the Internet. Cohen, president of a capital management firm, fully explains everything from income streams and the Treasury yield curve to the pluses of federal agency bonds and the negatives of high-yield issues. In simple terms, she also addresses advanced strategies such as leveraging, credit rating agencies, and insurance, bond funds and unit trusts, and nontraditional vehicles such as those tied to rock & roll royalties. Exactly how much of your portfolio should be devoted to bonds is a personal choice based on individual circumstances. Once you determine that, however, this book will help you reach an informed decision on what to buy, where to obtain it, and how to manage what you've got. --Howard Rothman

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The Money-Making Guide to Bonds: Straightforward Strategies for Picking the Right Bonds and Bond Funds

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"A clear and comprehensive road map for the novice and professional investor alike. This book is required reading for those who want to take charge of their financial destiny." -John B. Brynjolfsson, Manager, PIMCO Real Return Bond Fund
You've heard the advice of experts year after year to minimize risk by diversifying into bonds. But bonds can be a lucrative, as well as a safe, investment, particularly when the stock market takes a nose-dive. However, no single source of easily accessible information has been available that uniformly describes bonds, compares their relative strengths and drawbacks, and tells how to select and profit from buying them—until now.

Registered investment advisers Hildy and Stan Richelson have written The Money-Making Guide to Bonds to serve as the authoritative, yet user-friendly, resource on the subject. Over 35 different types of bonds and 20 types of bond funds are described, highlighting the specific advantages, risks, and tax implications of each. This book also explains how to allocate bonds within a portfolio and includes specific strategies for reducing taxes and increasing income.

Stock market declines make investors painfully aware that bonds belong in every portfolio, and The Money-Making Guide to Bonds belongs on every investor's bookshelf.

"This excellent resource is designed for investors of all means and sophistication who want to take responsibility for their own financial lives. It’s one of the best books on bonds I’ve seen." -George D. Kinder, Author, The Seven Stages of Money Maturity

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The Strategic Bond Investor : Strategies and Tools to Unlock the Power of the Bond Market


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"Tony Crescenzi knows bonds and his book proves it. From 'Fedspeak' to Treasury buybacks, The Strategic Bond Investor helps to explain the mysteries of the bond market and even offers tips on how to forecast interest rates. Sign me up--I can always learn something new!"--Bill Gross, Managing Director at Pacific Investment Management Company

Bond investing can be every bit as exciting and profitable as "playing the stock market." The Strategic Bond Investor is the first book to approach fixed-income investing from an equity-style perspective. This fast-paced book provides readers with helpful tips, tools, and strategies for tracking market sentiment, spotting market extremes, analyzing volume and liquidity, and dozens of other techniques that were­­up until now­­limited primarily to the equity markets.

The Strategic Bond Investor reveals a dramatic new approach for using bonds to balance portfolios while grabbing profit opportunities as they present themselves. It represents a new style of bond investing, bold yet risk-conscious, that is long overdue for today's transformed market environment. Investors looking to diversify their portfolios will discover:

  • Key economic releases and how they influence bond prices
  • Popular fixed-income portfolio management strategies
  • Best-performing bonds in a variety of economic circumstances

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High Yield Bonds: Market Structure, Portfolio Management, and Credit Risk Modeling

Editorial Reviews
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HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsNalongside the expert analysis of respected authorities including Edward Altman of New York UniversityOs Salomon Center, Lea Carty of MoodyOs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameNto help you truly understand todayOs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureNThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisNHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationNImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsNEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementNHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingNHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsNEmerging firmsO strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayOs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.

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Getting Started in Bonds (Getting Started In)

Editorial Reviews
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Lawrence J. Lasser, President and Chief Executive Officer, Putman Investments 
"For do-it-yourselfers who want to invest in bonds, Getting Started in Bonds is a fine primer and reference book. Sharon speaks directly to the reader in a personal way, making complex concepts accessible." 

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Bond Pricing and Portfolio Analysis: Protecting Investors in the Long Run

Editorial Reviews
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"The book can be described as a 'dream' toolbox for any bond portfolio analyst." -- Milad Zarin, University of Neuchâtel 
"Bonds are mathematical securities, and Olivier de La Grandville gives us the economics, the theory, the math, the intuition, and the numerical examples in this wonderfully thorough book." -- Roger Ibbotson, Yale School of Management 

This comprehensive text makes accessible the most important methodological advances in bond evaluation of the past twenty years. With uncommon precision and a strong emphasis on the underlying economic fundamentals, de La Grandville presents a unified framework for understanding the basic tools of bond evaluation, including duration, convexity, immunization, and interest rate derivatives. 

One of the book's most valuable contributions is its detailed demonstration of the Heath-Jarrow-Morton model of interest term structure and its applications to bond portfolio duration and immunization. Other innovative treatments include a discussion of the exact relationship between spot and forward rates of return, formulas for the expected value and variance of the long-term rate of return on bonds as functions of one-year estimates, the introduction of a new concept of duration based on the directional derivative, and a geometrical interpretation of a martingale probability construction. 

Each chapter is followed by a series of questions, problem sets, and projects. Detailed answers to all of them are provided at the end of the book. Although the treatment is thorough and rigorous, the exposition is intuitive throughout.

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