Book Description

A dynamic, equity-style approach to investing in today's bond market

"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

Reviews (3)

Delivers in what it promises, not for quants
As the title says strategies and tools to unlock the power of the bond market. It delivers in that it covers the strategies and tools needed to make intelligent decisions on bonds. Before you look into this book I must warn you that this is not a quantitative book. This book covers such things as qoute depth, yeild curves, credit ratings and so on. The content of this book goes deeply into the determination of interest rates. From watching the Fed to reading what the market might be heading. There is a chapter dedicated to watching the Fed. One of the points that stuck me in this book is how not to follow dumb money (e.i. speculators, Anthony Crescenzi's advice is to follow the smart money.
This book is for is not for advanced for people. I'am aware that there are other books comparable to this one but this is the only book I have read and not planning to read another book comparable to this one. There are a lot of resources of in this book that make "The Strategic Bond Investor : Strategies and Tools to Unlock the Power of the Bond Market" worthwhile to read. I have to agree with one of the reviewers about his writing style, it is in fact engaging.

Round out your knowledge base
This book is the type of book that reminds you that stocks are not the only investment around. In plain language he discusses yield curves and backs up his information with solid charts and graphs.

Mr.Cescenzi opens your eyes to the psycology of those that sell bonds and the importance of bonds in your own personal portfolio.

Since I am an author of Futures/Commodities books and an investor in Bond Futures, I read this book to enhance my knowledge of bonds and to take advantage of the bond trading pits in Chicago.

I believe that's the only failure of the book. He discusses that there are no centralized exchanges for bonds and grossly neglects that many bonds have a futures component and are traded for only a fraction of their face value.

All in all this is a great resource book and should be seriously considered for those investors that are tired of being abused by the stock market.

Highly Recommend!
Unlike books addressing stock market investing, there are relatively few investor-oriented Bond books, probably due to several reasons - (i) bond concepts are somewhat more quantitative compared to stocks, (ii) bonds have no central "bond exchanges" with readily available price quotes, (iii) bonds can't be sold and bought as easily as stocks, (iv) perception is people can't "swing for the fences" with bonds.
However, as the "Strategic Bond Investor" makes clear, it is imperative to become familiar with bond market dynamics to understand how and why interest rates are set, which in turn affects the economy and the stock market. The book does a wonderful job of laying bare the intricacies of the bond market, at the same time stays away from the more technical aspects. The writing style is very engaging, and the content is very organized. The discussion on Bond Types - how big various types of bond markets are and how they got that way, is fascinating. So are practioner-oriented "rules of thumb" permeating several chapters. Chapter on "real yields" was a bit confusing (when inflation is expected to go up or down, why do real yields move as opposed to "expected inflation"?) I initially felt the visual presentation (charts, graphs, tables etc) was somewhat limited, but as the book progressed, it seemed to be just the right amount, and contained a lot of high impact information. There is a good appendix containing a primer on economic indicators. With this, you'd be better able to judge the reaction of the market to CPI, employment, consumer sentiment, etc., etc.
The book seemed somewhat repetitive at places, but still read well. With this book, one should be able to answer: (1) How can bonds be expected to perform given the current economic information, market sentiment, etc. (2) what types of bonds can be expected to do better? I highly recommend the book for purchase. Another great book for the bond investor would be William Gross's "Everything You've Heard About Investing is Wrong!" ... Read more

Reviews (1)

Good overview for beginners
This book gives a very good review for beginners investing in the US bond market only. If you are a professional it is more a dictionnary, it doesn't analyse properly instruments. I would like to finally see an author able to understand that a bond is a bond, and a book like that should focus on this and not to give us a extensive listing of all US bonds in the market ....Second USA are not anymore the only financial market in the world : so "International" chapter should be at least as important as the rest of the exercise... ... Read more

Book Description

In The New Masters of Capital, Timothy J. Sinclair examines a key aspect of the global economy—the rating agencies. In the global economy, trust is formalized in the daily operations of such firms as Moody’s and Standard & Poor’s, which continuously monitor the financial health of bond-issuers ranging from private corporations to local and national governments. Their judgments affect unimaginably large sums, approximately $30 trillion in outstanding debt issues, according to a recent Moody’s estimate. The difference between an AA and a BB rating may cost millions of dollars in interest payments or determine if a corporation or government can even issue bonds

Without bond rating agencies, there would be no standard means to compare risks in the global economy, and international investment would be problematic. Most observers assume that the agencies are neutral and scientific, and that they interpret their role in narrowly economic terms. But these agencies, by their nature, wield extraordinary power and exert massive influence over public policy. Sinclair offers a highly accessible account of these institutions, their origins, and the rating processes they use to judge creditworthiness. Illustrated with a wide range of cases, this book offers a fresh assessment of the role of an often-overlooked institution in the dynamics of modern global capitalism. ... Read more

Reviews (2)

Finally... a road map to interest rate models!!!
I had a strong background in equity derivative models but found the leap to interest rate models difficult. What are the relationships between short rates, forward rates, and term structure? How do assumptions translate into restrictions on our ability to model the "stylized facts" of interest rates? How are assumption violations "corrected" by practitioners?

This book answers all of these questions in a straightforward yet rigorous manner. Explanations are supplemented with simple examples.

After reading this book, I had the roadmap and analytical context I needed to tackle implementation focused books like Brigo and Mercurio.

As a bonus, this book provides a very nice summary of major valuation tools. (Monte Carlo simulation of martingale processes, development of pricing PDE via Feynman-Kac, development of fundamental solutions, etc.)

Begin your BGM, Libor & Swap market model journey here.
If you want a concise, clearly written and excellently explained introduction to the cutting edge interest rate models used in dealing rooms today. Look no further. With an elementary stochastic calculus background from Rennie & Baxter, this book is very readable, even on a crowded train! For those who want more details & case studies, have Interest Rate Models by Brigo & Mercurio as a companion text. With useful tips on Libor & swap market model implementation, and a whole chapter devoted to convexity correction. One of the best texts on the subject I have read. ... Read more

Book Description

"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 ... Read more

Reviews (10)

A fine piece of work
I recently finish reading your book, and would like to compliment you on a well organized and clearly presented analysis of the bond market.
Your discussion of the pros and cons of the various types of bonds as well as the tax consequences of each provides valuable infomation for investors interested in this market. Also, your extensive list of web sites is an excellent research tool for anyone wishing to pursue the subject at length on his own.
Congratulations on a fine peice of work.

Lucille F.

Bonds finally make sense! Thank you!
I had always read about the importance of including bonds in your portfolio--in both bear and bull markets--but I could never get a handle on all the different types available. Thank goodness for this book. I now know the difference between muni bonds and U.S. savings bonds, and why bond funds may not be the best route to diversification. I strongly recommend this to anyone looking to safeguard their portfolio and profit!

A useful and practical guide to an informed investment
Co-written by recognized bond adviser and financial author Hildy Richelson and fee-only financial planner, attorney and coach Stan Richelson, The Money-Making Guide To Bonds: Straightforward Strategies For Picking The Right Bonds And Bond Funds is a useful and practical guide to an informed investment in the bond market. Presented in a direct, no-nonsense tone which is thoroughly accessible to readers of all financial backgrounds, the individual chapters discuss over 35 different types of bonds in detail, complete with their specific advantages and disadvantages, as well as tax issues, ways to protect oneself from risks, how to make the best use of online resources, and more. Though The Money-Making Guide To Bonds cannot replace professional advice or judgement, it is a "must-read" for non-specialist general readers seeking familiarize themselves with the complex bond market before seeing a financial expert who bills by the hour.

Great guide to bonds - and to help balance my portfolio
Stocks, stocks, stocks, IPOs, stocks. Like too many people, I paid too much attention to equities and too little to other investments. I read over and over about creating a balanced portfolio and did - but only to a degree and without paying much attention to the less glamorous parts of my investments. I paid a price when the bubble burst. This book is very helpful to helping understand bonds of various types and how to use them. The authors are clear and unafraid to be be opinionated. I recommend this highly.

Elementary Book on Bonds
While The Money Making Guide to Bonds is well written, it is designed for the novice. For example, the book has a very general discussion of duration with no mathematics. Moreover, convexity is not discussed at all. The authors are enthusiastic about bonds but do not give enough attention to the inflation risk of owning bonds. ... Read more

Book Description

Foreword by Michael R. Bloomberg. Joe Mysak, editor of Grant's Municipal Bond Issuer and Grant's Municipal Bond Observer, is a key resource to anyone in the muni market. Mysak, a longtime observer and insider in muni-bonds, has written an accessible and informed book on the issuance process. Mysak covers everything an issuer, veteran or novice, needs to know--from the basics through what to do after the sale. ... Read more

Book Description

In this companion to his guide to investing in mutual funds, David Scott
examines the complex world of bonds in straightforward language aimed at the individual investor. In addition to learning the basics about bonds — their different maturities, interest rates, guarantees, risks, and tax consequences — readers will discover
• how bonds are valued and traded
• how to choose from among corporate, municipal, and government bonds
• whether tax-exempt bonds are right for their portfolios ... Read more

Book Description

Everything an individual investor needs to know about bonds.

The average income investor doesn't want or need to get bogged down in technical discussions of interest rates and time. So All About Bonds and Bond Mutual Funds gives them what they want­­a simple yet comprehensive treatment of bonds and bond funds. Along with updated bond information, this revised edition also includes new material on:

• Bond mutual funds
• Tax-free municipal bonds
• International bonds and bond funds

Book Description

Handbook of Inflation Indexed Bonds provides complete coverage of inflation protection bonds beginning with their first U.S. issuance in 1997. Five, in-depth sections detail: strategic asset allocation; mechanics, valuation, and risk monitoring; global environment; issuers; and investors. ... Read more

Reviews (1)

Crucial guide
There's no better source for insight on the new-since-1997 Treasury Inflation Protection Securities [TIPS]. Brynjolfson runs one of the largest TIPS funds. Fabozzi is a well-known commentator on investments and fixed income specifically. Want details of CPI seasonality, integrating TIPS in mean-variance optimization, etc.? It's here. Also includes coverage of international TIPS-equivalents. ... Read more

Book Description

Debt capital markets and loans business has become truly global during the past few years. Many European and US issuers are visiting Asias credit markets regularly to tap into what is one of the most important investor pools. The same holds true for non-Asian investors who are regularly approached by Asian issuers planning or conducting international road shows and non-Asian bankers who facilitate such investor relations exercises, or simply want to understand the dynamics and mechanics of Asias credit markets. ... Read more

Book Description

Understand the ins and outs of today's surprisingly versatile bond marketplace

As stocks continue their roller-coaster ride, nervous investors will be looking at bonds. FUNDAMENTALS OF THE BOND MARKET gives you the tools you need to master this complex market so you can diversify your portfolio, and get reliable income and safety of principal.Author Esme Faerber has packed this guide with examples, quizzes, checklists, and plain-English explanations to enhance your understanding of everything from the basics of buying and selling to bond ratings, government and international securities, call and convertible features, portfolio management, and more.

Before you risk money in real-time trading, let this hands-on tool bring you up to speed on:

*Three steps that determine the best bond mutual fund for any investor
*Corporate, Municipal, Convertible and Zero-Coupon Bonds - which to buy for individual portfolios
*Treasury securities - how and why to invest in T-bills, notes, and bonds
*Tips of the Trade - techniques to calculate yields, buy and sell different types of bonds, and more ... Read more

Book Description

A complete guide to understanding everything about Getting Started in Bonds
SECOND EDITION

Thinking of getting your feet wet in the world of bonds, but don’t know where to begin? The Second Edition of Getting Started in Bonds will help you better understand and invest in fixed income securities (bonds).Packed with new material, dozens of real-life examples, and up-to-the-minute facts and figures, Getting Started in Bonds, Second Edition is an informational as well as entertaining primer written in a fun, conversational voice, not as a lecture.

• Covers a variety of bonds you have to choose from–U.S. Government, Municipal, Corporate, Convertible, and much more
• Helps you identify a good bond
• Reveals factors that can affect a bond’s value and help you forecast future interest rates
• Shares a number of valuable bond investing and portfolio strategies

Praise for the First Edition

"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."
––Lawrence J. Lasser, President and Chief Executive Officer, Putnam Investments

"At last, a lucid overview of the fixed income marketplace has been written for the individual investor. In a light-hearted manner–but based upon solid fundamentals–Ms. Wright has translated the jargon-filled world of bonds into actionable information. I highly recommend Getting Started in Bonds to anyone planning to become involved in fixed income investing."
––W. Stansbury Carnes, PhD, Managing Director, Fixed Income Research,
Salomon Smith Barney, New York
author of By the Numbers: A Survival Guide to Economic Indicators ... Read more

Reviews (2)

Excellent Guide to the Bond Market!
This book is brimming with information on bonds. It is a straightforward guide for people just getting started in the bond market. The examples and definitions are extremely useful, and help to demystify the subject. And it is easy to read!

A useful primer on the bond markets
I quite liked the style - it is an easy book to read. It has quite a few useful tips of the trade. It is obviously an introductory level text and skates over most of the technicalities, but it's very good on the stuff that it does cover. There are one or two typographical errors (mislabelled diagrams etc.) that may cause a bit of confusion. Overall though, I thought that it was very good. ... Read more

Book Description

Details the rise and operation of the high yield debt market as illustrated by the "junk" bond. ... Read more

Book Description

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

Among the book's most valuable contributions is a general immunization theorem that can be used by practitioners to protect investors against any change in the structure of spot interest rates. Also of note is the detailed presentation of the Heath-Jarrow-Morton model and a discussion of its relationships with classical immunization schemes. Each chapter is followed by a series of questions, problem sets, and projects; detailed solutions to all of them appear at the end of the book. Although the treatment is thorough and rigorous, the presentation throughout the book is intuitive. ... Read more

Book Description

Corporate Bonds: Structures & Analysis covers every aspect of corporate bonds, including bond structures, credit analysis, and investment strategies. This book discusses state-of-the-art technology for valuing corporate bonds, as well as innovative new products such as step-up notes and range notes. Complete with contributions from today’s top financial experts, Corporate Bonds is the definitive reference for this vital market. ... Read more

Reviews (1)

Excellent Guide to the Corporate Bond Market...
This book is an excellent resource, not only to keep on the desk, but also as concise reading. The analytics of the corporate bond market were covered very well.

One area that could be more detailed was the portfolio management section (Section 13). However the book was still very worth while.

I would especially recommend this book to those trying to get a good understanding of the corporate bond market in lieu of a textbook or larger scale fixed income guide. ... Read more

Book Description

Through analysis and comparison with other countries whose contractual obligations are in default, Max Winkler describes the transformation of the United States from a debtor nation to the world's most powerful creditor. ... Read more

Book Description

In Bond Portfolio Management, Frank Fabozzi, the leading expert in fixed income securities, explains the latest strategies for maximizing bond portfolio returns.Through in-depth discussions on different types of bonds, valuation principles, and a wide range of strategies, Bond Portfolio Management will prepare you for virtually any bond related event–whether your working on a pension fund or at an insurance company. Key topics include investment objectives of institutional investors, general principles of bond valuation, measuring interest rate risk, and evaluating performance. Bond Portfolio Management is an excellent resource for anyone looking to master one of the world’s largest markets, and is a perfect companion to Fabozzi’s successful guide–The Handbook of Fixed-Income Securities. ... Read more

Reviews (1)

Want to read just one bond book? Make it this one
This is my favorite book on bonds. It is basic, but does not dodge technicalities; all necessary fundamentals are explained very clearly including why total return is more relevant than yield; real-world issues and market practices are addressed critically. A few peccadilloes take away the fifth star: the book is very US-focused, so European or Asian readers may want to look for a second source; it contains some typos; it gets overcommercial at times, as in "there is a formula for this, look it up in this other Fabozzi book"; and performance evaluation could be more detailed than "ring one of these software vendors". But great book anyway. ... Read more

Book Description

The harmonisation of many European policies and the advent of the Euro has dictated a shift in the approach of fixed income investment. Although the risk of foreign exchange rate fluctuations has been removed, the need to diversify portfolios has meant traders looking beyond their traditional geographic areas and at a greater range of bond markets than ever before.

This comprehensive book explains how the bond markets work in each country of the euro zone and details the features and specifications of each type. The straightforward structure allows comfortable comparison between bonds in the respective countries and provides wide-ranging information needed to make informed investment decisions.

An ideal reference source, this will prove a useful companion for all investors. ... Read more

Book Description

This new perspective recalling the ten years after the explosion of financial myths in the 1980's offers a unique opportunity to update and continue the arguments that were presented in Glen Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America. Beyond Junk Bonds provides a comprehensive presentation of the firms and securities represented in the high yield market. In addition, there are examples of the firms and institutions who are benefitting from the "new cycle", both in the US and abroad. ... Read more

Reviews (1)

A Good Reference Piece
This book has a somewhat too academic feel. Meant more as a history book than a treatise on HY bonds - it does provide an excellent backdrop for future thought processes and how the current market's recent tightening fits with empirical analysis.
I recommend this book for any junk trader or bond manager with manadates for HY as a must-read for added perspective BUt do not expect to be over-whelmed by insights into CDOs, CSOs, or trading strategies in the current markets. ... Read more

Reviews (4)

Obsolete information
This book should not be sold any longer. Since it was published back in 1999 - and is now close to 5 years old - it contains a lot of mis-information. The U S Treasury Department has changed many of the rules and regulations concerning savings bonds - most notably over the past 18 months. A person purchasing this book to learn more about U S Savings Bonds will get good information, and bad information. The problem is that he/she will not know what information is good, and what information is bad. Thus, by not buying the book, the savings bond owner is probably better off. I do not challenge the idea that it is important for savings bond owners to learn all about their own collection of savings bonds. They need to know the rules and regulations, so that they can make informed, intelligent decisions about keeping or cashing in bonds - and the proper time to do it. But any printed book is not the place to find it: the information becomes obsolete too quickly. The internet is the place to find accurate, up-to-date information about savings bonds. Because any web site can be updated quickly and easily, the information presented there is more likely to be current. Because it takes the author so long to prepare the book, and then the time it takes to get it printed (published) and then put into the distribution piepline, I suggest that any book about savings bonds is already obsolete the day it becomes available for sale to the public. Furthermore, according to reliable sources who work for the Savings Bond Division of the U S Treasury Department, numerous additional changes will be forthcoming during the next 2 years. For my money, the internet is the ONLY place to find all the information that you could possibly need to know about U S Savings Bonds. Just type in "savings bonds" in any search engine.

Savings Bonds: When to Hold, When to Fold
Surprisingly,this book is enjoyable and easy to read. It contains information, I have not found anywhere else, that is vital to know before investing in savings bonds. If you already own savings bonds, you will benefit from reading this book before you sell them. Savings bonds are not the simple investment most people believe they are. I checked this book out from the library, but found it so valuable I am purchasing a copy for myself.

Excellent tool for understanding & using US Savings Bonds
This book contains more in-depth information than theinformation available from government publications or the website. Use that information and thatwebsite, but also get this book. I use the free downloadable SavingsBond Wizard from the government website, and also set up an Excelspreadsheet to keep up bond statements as outlined in this book--whichis a more effective statement to aid decision-making. Some of theissues covered in this book: don't trust your bank to know whatthey're doing / understanding interest rates / timing issues re:redemption and maturity / organizing your bonds and keeping records /recovering lost bonds / tracking your investment (using the wizardand/or a statement you develop yourself or purchase from a service) /deciding to hold or fold -- evaluating performance of your bonds /comparing savings bonds to other investment options / taxation issuesinluding estate/gift/inheritance tax issues / using savings bonds forretirement / exchanging for HH current-income bonds / purchasing /reissuing / redeeming / tax-free for higher education feature / bondsas gifts / the new I bond / forms of ownership / bonds for minors /resources. Highly recommend. END

Savings Bonds When to Hold When to Fold them
This is a completly thorough book on every type of US Savings Bonds with good advice on how to purchase them, when to purchase them, and when to redeem them as well as how to redeem them. It has good structural content, with easy to follow guidelines. It also contains addresses to send to for more information. Like any book in this field, by the time an author has it published, it has some obsolete material, but I must say I still found it very useful. The reason for my most current purchase is that I have purchesed two other copies and have given them each away as gifts. ... Read more