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Product details
File Size: 5960 KB
Print Length: 449 pages
Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
Publisher: McGraw-Hill Education; 3 edition (April 20, 2010)
Publication Date: April 20, 2010
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B0046LV2FG
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Amazon Best Sellers Rank:
#218,513 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
This is a quite verbose and at times agonizingly repetitive but basic introduction into fixed income investing. All in all it's quite useful, but what has put me off several times while reading through it is that the author keeps making hand wavy statements without providing rationale on why a claim is made, asserting that the underlying math is too complicated to explain. When the author states that "bonds ... with larger coupons ... would have ... somewhat lower volatility" I would like to know why by looking at a formula, is this too much to ask from someone who writes a book on bonds? At Kindle location 1143 it is stated that the author is "a charter member of the math anxiety crowd". Well, that explains it.What's more, there's horrendous errors in the text, so I can't help but feel that the author is just restating what others have said without actually being able to ensure that the facts stated are indeed correct.For example, at Kindle location 668, the author states that a 4% bond needs to be repriced to $300 in a 10% market. Now, I'm no bond expert, but I'd say that's got to be $400. Again, the author doesn't reveal how this was computed, so I have no idea who's correct.At Kindle location 706, it is stated that 30.9% of a $1,000 bond is $31. Umm, don't you mean $310? On location 849, it says "only have only one rating". At location 2680, it says "rating scales, as noted in Chapter 3, rating scales in use". At location 3722: "But remember that that whatever". At location 5076: "interest rate risk A bond". Hello, editor, still awake at this hour?On top of that, the material is apparently dated, the text refers to the year 2009 regarding current events (last updates seem to have been made in 2010) and warns that "downloading a prospectus requires fast Internet delivery. Don't try it with dial-up". Seriously, people still had dial-up in 2010? The web sites referenced in the text are unsurprisingly no longer up-to-date either, investinginbonds.com has 404 errors on some links and apparently no bond data anymore. The site says "Please be advised that, as of October 1, 2012, investinginbonds.com will cease to provide certain bond pricing information currently available on this site.", apparently two years after the last update of this book.Looks like an update of this book is long overdue and someone needs to sit down and fix all the typos. The content isn't that bad, there's good explanations of various bond-related financial instruments and what to look out for when investing in them. It also provides some interesting insights into the events the lead to the 2008 bond crisis, but it would be prudent to get an update of what happened to the bond market in the 6 years after, leading up to today, which is early 2014.
The bond market is complex but bonds should be a part of anyones investing strategy. Annette Thau's book is an excellent comprehensive introduction to bond investing. It will really help you make decisions about your bond investing and understand the historical context of current market movements - which turns out to be very important in the bond market! If you read any book read this one. Don't be scared off by the 428 page size - it is set up so that you can read whatever parts are useful to you. Its organized in a clear and concise manner with clear detailed explanations of complex ideas. The first hundred pages is the basics and is excellent. The second hundred and sixty pages is about the individual types of bonds. Then a section on bond funds followed by portfolio construction and asset allocation. If there is any criticism I found this last section weak but this information can be better gained elsewhere.
This book is a beginner's guide to bond investing, giving simple explanations of basic bond math, how to assess whether a bond is expensive or cheap, how to screen for bonds on the internet, how to build a portfolio, etc.The conclusive advice of the book is that younger people should invest 60% of their portfolio in diversified stock index funds and 40% in Treasury bonds of 2 to 5 years maturity. Older people should reverse the ratios. Retirees should keep most of their portfolio in Treasury bonds.I have given the book a mediocre rating for a number of reasons: Significant parts of the book deal with US tax issues and US municipal bonds which are primarily of interest to US investors (which I am not). The concept of bond duration is poorly explained yet important in assessing future bond volatility. Statements are often made without documentation in the form of data-tables and plots. The book is very repetitive even within the same page. I think the book could be half as long yet contain the same material. The Kindle tables are too small which is a typical Kindle problem.PS: This review is of the third edition.
I read what I believe was the first edition of this book quite a few years ago. Oddly, I don't know what ever became of it.I just finished reading the Kindle version of the current edition which served as a refresher of everything I've learned about fixed-income investing over the years.While the book probably isn't for the "professional", it will serve as a valuable tool for the beginning investor or anyone who wants to learn more about fixed-income investing.This is not some "rah, rah, rah, everything is fine" book written by someone with a vested interest in getting investors to line up to buy the latest product. Instead, it provides a very factual and candid explanation of just about every fixed income product an investor would want to buy....and many that they should stay far away from.This revised edition was written just after the 2008 "financial crisis" and gives quite a bit of background information as to its causes. It should serve as a warning that what many always thought of as safe investments (like money market funds and funds of U.S. Treasuries/agencies) have their own set of risks and aren't a guaranteed investment by any means.Anyone interested in adding fixed income investments to their portfolios (and that should include every investor) should consider this "required reading".
I decided to read this book because I'm in cash in my IRA. My advisor recommended ladders. This book gave excellent information on the different types of bonds and how to select a portfolio and strategy. I now have the information and confidence to setup my own ladder.
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