The bond buyer's answer book--updated for the new economy
As in the first two editions, this third edition of The Bond Book continues to be the idealreference for the individual investor. It has all the necessary details, well explained andillustrated without excessive mathematics. In addition to providing this essential content, itis extremely well written.
--James B. Cloonan, Chairman, American Association of Individual Investors
Annette Thau makes the bond market interesting, approachable, and clear. As much asinvestors will continue to depend on fixed-income securities during their retirement years, they'll need an insightful guide that ensures they're appropriately educated and served.The Bond Book does just that.
--Jeff Tjornejoh, Research Director, U.S. and Canada, Lipper, Thomson Reuters
Not only a practical and easy-to-understand guide for the novice, but also a comprehensivereference for professionals. Annette Thau provides the steps to climb to the top of the bondinvestment ladder. The Bond Book should be a permanent fixture in any investment library!
--Thomas J. Herzfeld, President, Thomas Herzfeld Advisors, Inc.
If the financial crisis of recent years has taught us anything, it's buyer beware. Fact is, bondscan be just as risky as stocks. That's why Annette Thau's new edition of The Bond Book isessential reading for investors who want to know exactly what's in their portfolios. It alsoserves as an excellent guide for those of us who are getting older and need to diversify intofixed income.
--Jean Gruss, Southwest Florida Editor, Gulf Coast Business Review, andformer Managing Editor, Kiplinger's Retirement Report
About the Book
The financial crisis of 2008 causedmajor disruptions to every sector ofthe bond market and left even the savviestinvestors confused about the safety oftheir investments. To serve these investors andanyone looking to explore opportunities infixed-income investing, former bond analystAnnette Thau builds on the features and authoritythat made the first two editions bestsellersin the thoroughly revised, updated, andexpanded third edition of The Bond Book.
This is a one-stop resource for both seasonedbond investors looking for the latest informationon the fixed-income market and equitiesinvestors planning to diversify their holdings.Writing in plain English, Thau presentscutting-edge strategies for making the bestbond-investing decisions, while explaininghow to assess risks and opportunities. She alsoincludes up-to-date listings of online resourceswith bond prices and other information.Look to this all-in-one guide for information onsuch critical topics as:
From how bonds work to how to buy and sellthem to what to expect from them, The BondBook, third edition, is a must-read for individualinvestors and financial advisers who wantto enhance the fixed-income allocation of theirportfolios.
Now in its third edition, The Treasury Bond Basis is the mandatory reference text for Treasury bond and note futures trading rooms around the world. This updated edition reflects the numerous market changes, chief among them the Chicago Board of Trade's decision to switch from an 8 percent to a 6 percent conversion factor. Revisions include greater detail on hedging and trading, updated explanations of options valuation and short delivery options, and discussion of global bonds futures trading and applications.
The face of investing has significantly changed in the 30 years since this book's first publication, but one essential component of the markets has not--human behavior. Whether you're trading cornerstone commodities or innovative investment products, observing how investors responded to past events through technical analysis is your key to forecasting when to buy and sell in the future. This fully updated fifth edition shows you how to maximize your profits in today's complex markets by tailoring your application of this powerful tool.
Tens of thousands of individual and professionalinvestors have used the guidance in this book to grow their wealth by understanding, interpreting, and forecasting significant moves in both individual stocks and entire markets. This new edition streamlines itstime-honored, profit-driven approach, while updating every chapter with new examples, tables, charts, and comments that reflect the real-world situations you encounter in everyday trading. Required reading among manyprofessionals, this authoritative resource now features:
Properly reading and balancing the variety of indicators used in technical analysis is an art, and no other book better illustrates the repeatable steps you need to take to master it.
When used with patience and discipline, Technical Analysis Explained, Fifth Edition, will make you a better decision maker and increase your chances of greater profits.
Collateralized Loan Obligations (CLOs) were left for dead after the Global Financial Crisis (GFC) of 2008-2009. Since then, CLOs have made a surprising comeback. Their popularity among investors is partially the result of impressive CLO performance during the GFC and beyond. CLO notes issued before the GFC did not have material defaults, and many CLO equity securities issued prior to the GFC ended up with annualized returns above 20%. Today the CLO market has over $1 trillion in assets under management and has replaced banks as the largest lender to private equity-backed companies.
CLO Investing: With an Emphasis on CLO Equity & BB Notes describes CLOs in detail, emphasizing the securities with the highest risk and reward potential, CLO BB notes and equity. The readers of this textbook will learn the characteristics of the CLO's leveraged loans, financing structure, payment rules and tests, and historical returns. As CLOs are gaining in popularity, investment professionals of all varieties will benefit from author Shiloh Bates's meticulous understanding of this unique market and the strategies for successfully investing in it.
Unearth a Gold Mine in the $1 TRILLION Junk Bond Market
Few experts in this area have been willing to share their inside knowledge with the outside world. None have done it as well and as simply and clearly as Bob Levine has done in his new book.
--Joel Greenblatt, bestselling author of The Little Book That Beats the Market
A great book by a great investor. . . . [I] recommend this book to everyone who wants to acquire some invaluable horse sense about investing in high yield bonds.
--Martin S. Fridson, author of How to Be a Billionaire
This is the best book ever written on high yield corporate bond investing. Destined to become an instant classic. . . .
--Jack Malvey, Chief Global Markets Strategist, Bank of New York Mellon Corp.
A first-rate introduction and navigation guide to the high-yield world.
--Reading the Markets
This well-written and occasionally humorous tutorial on investing in speculative-grade corporate debt covers the essential aspects of high-yield debt. . . . As a basic introduction to the high-yield debt market, the book can't be beat.
--The Financial Analysts Journal
Do you think of the junk bond market as an arena of chaos, a financial Wild West, a place to avoid at all costs?
In How to Make Money with Junk Bonds, a pioneer of the junk bond business gives you the insight and information you need to lay that fear to rest--so that you can generate unprecedented profits in this $1 trillion market.
Robert Levine has the credentials to lead both individual investors and the professionals just getting started in the junk bond market. At Nomura Corporate Research and Asset Management, his junk bond funds substantially outperformed both high yield and S&P indices for more than 18 years--and in this book he explains the method he used to achieve such remarkable results. Helping you pick high yield bonds that have a low possibility of default. How to Make Money with Junk Bonds covers:
The junk bond market isn't the scary place it used to be. Critical information is easier (and cheaper) to obtain, and transparency is greater than it was in the market's early days. How to Make Money with Junk Bonds gives you the tools to root out strong, forward-looking companies poised for growth and generate a level of profitability impossible to achieve in other markets.
To earn a living as a trader, even part time, takes consistency. Most first-time investors find today's turbulent markets are anything but consistent. To keep from throwing your money away following obsolete tradingstrategies, you need a seasoned mentor like Sarah Potter to provide the latest insight, training, techniques, and action steps to become the trader you want to be.
How You Can Trade Like a Pro holds the answer to fulfilling your dream of earning an income by trading.
Written by an educator who now trades full time, this how-to book is unmatched in its clarity and to-the-point explanations. You will quickly develop a solid foundation of theory and professional techniques for tradingmultiple markets including options on stocks and ETFs as well as futures contracts. Unlike many nuts-and-bolts investing books, this holistic guide helps you through the technical and emotional process of trading, with Potter's real-life stories of transitioning to a full-time trader and her humorous Trading Tips comic strips. Best of all, you can start with a small amount of capital and be confident you have the same advantages as the pros. How You Can Trade Like a Pro provides expert coverage on:
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If you want to be a trader or just want to take back control of your fi nances, this guide shows you how to empower yourself with the trading routine that best fits you. Not only will you avoid costly brokerage fees, but you will have the satisfaction of growing your wealth your own way. Take the first step today and learn How YouCan Trade Like a Pro.
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How You Can Trade Like a Pro is the cornerstoneguide to Sarah Potter's proven system for designing and implementing a professional-grade trading routine custom fit to your personality and goals.Whether you want to supplement your income or embark on a new career in trading, Potter has developed the ideal support structure to help everyone interested in growing capital transition into active traders focused on making a profit.
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How You Can Trade Like a Pro is an excellent tool for anyone interested in learning how to trade. As experts in this industry, we know the greatest barrier to entry is the terminology. Sarah breaks down complicated topics into simple terms. This book will give new investors the confidence to trade on their own. -- Liz Dierking and Jenny Andrews, The LIZ & JNY Show
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It is an oft-repeated mantra that munis are different and that standard analytical tools are irrelevant to managing them. Andrew Kalotay certainly agrees that munis are different. In fact, they are more complex than just about any other bond category. Munis are rich in options, their pricing is tax-dependent, the benchmark curves are comprised of callable bond yields ... and the list goes on.
Dr. Kalotay argues that the complexities of munis actually mandate the use of modern fixed income analytics. He demonstrates the necessity for option-adjusted spread (OAS) technology, and exposes the potential pitfalls of risk management by yield-to-worst. And he offers an in-depth discussion of the de minimis tax effect, which depresses the prices of discount munis. The breakthrough concept of tax-neutral OAS analysis accurately captures this effect. Without tax-neutral OAS, discount munis look deceptively cheap, and their durations are grossly underestimated. Risk managers should sit up and take notice.
Every day there are news related to equities and bonds, descending and soaring prices, but not many who really understand what we are talking about. Everyone knows that stocks and bonds can be an interesting sources of income, but few have the skills to invest in them profitably.
Have you always wanted to know what stocks and bonds really consists of?
Would you like to understand how to invest in stocks and bonds and what are the techniques to do it?
Would you like to learn which are the most effective methodologies to reduce risks?
This book will provide you with complete training on the main topics related to the world of stocks and bonds.
Reading it you will learn:
Although today the world of finance may seem particularly dark to you, reading this book ensures adequate training, sufficient to direct you and move you in the correct direction.
Buy Stocks and Bonds for Beginners now Enjoy the reading - also available in paper format -Collateralized Loan Obligations (CLOs) have become an integral part of the global financial landscape, offering a unique investment vehicle that pools and securitizes corporate loans to provide attractive returns while diversifying risk. Since their inception, CLOs have undergone significant evolution, adapting to changing market dynamics, regulatory frameworks, and investor demands. As we look ahead, the CLO market is poised for continued growth and innovation, driven by technological advancements, shifting economic conditions, and an increasing focus on sustainable investing.
This book explores the future trends and market outlook for CLOs, delving into key innovations shaping the industry, the potential impacts of regulatory changes, and the evolving role of CLOs in the context of financial crises. We will examine how CLOs are adapting to the growing demand for specialized, ESG-focused investments, the potential disruptions posed by new technologies such as blockchain and artificial intelligence, and their resilience in times of economic stress. As CLOs continue to play a central role in corporate financing and investment strategies, understanding their future trajectory is essential for investors, managers, and policymakers navigating the complexities of today's financial markets.
Through this exploration, we aim to provide a comprehensive outlook on how CLOs will evolve, how they are positioned to meet the challenges of the next economic cycle, and the role they will play in the global capital markets of tomorrow.
Imagine a financial tool that offers high returns and grows with your investment. Welcome to Collateralized Loan Obligations (CLOs), a $970 billion market. But what are CLOs, and how do they work? Let's explore these interesting financial products together.
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Are you stuck in the rat race? Do you want to start trading and live your best life? Then this book is for you!
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The technician's technician (Barron's), Martin Pring gives new traders the tools and insight they need to draw greater profits from today's markets
This new edition of Introduction to Technical Analysis explains how to evaluate trends, highs, lows, price/column relationships, price patterns, moving averages, and momentum indicators for a contemporary audience, using fully new, updated charts, diagrams, and examples.
Pring uses his trademark expertise and engaging writing style to simplify concepts for traders. Links to an exclusive downloadable video featuring original content and in-depth explanations of the material is also included.
You'll learn how to:
Martin J. Pring is the founder of Pring Research and publisher of Intermarket Review, a monthly market review offering a long-term synopsis of the world's major financial markets. Martin pioneered the introduction of videos as an educational tool for technical analysis in 1987, and was the first to introduce educational, interactive CDs in this field.
As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals--investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators--who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios.
With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.
Most fixed income securities return barely better than a bank savings account. Those that promise more often carry big risks.
But value investors are able to find bonds and preferreds that outperform without increasing risk. They use common sense and simple analyses to identify fixed income securities that beat even exceptional stocks. Their advanced perspective reveals remarkable opportunities that others miss. This book moves you towards becoming such an expert. You'll learn to:
SELECT great securities wrongly tossed into the junk bond dumpster.
DODGE the conventional metrics that mislead others.
FORESEE the exercise of embedded options.
FOCUS on the yield measures that matter and skip those that don't.
ANALYZE contexts to view a preferred more as debt or more as equity.
INTERPRET economic indicators to predict conversions and redemptions.
This book shares with you a model for gauging fixed income securities from a value investing perspective. It brings key concepts to life with case studies that span industries from franchising to software to manufacturing, and geographies from the U.S. to Germany to Japan. And it does all this with straightforward language and clear math that anyone can understand.
In developing your skills you'll master the nuances of debentures, notes, convertibles, floaters, zeros, bills, munis, paper, corporates, and sovereigns. You'll understand duration, solvency, covenants, seniority, liquidity, and credit ratings. You'll breeze through basics like bond ladders, yield curves, and tap issues. Most importantly, you'll develop the justified confidence necessary to navigate the biggest, oldest securities market in the world. Make your experience in fixed income one of insight and success with Good Debt Cheap.