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Bonds
The Unbeaten Path to Secure Investment Growth
Buch von Hildy Richelson (u. a.)
Sprache: Englisch

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Beschreibung
Updated edition of the established classic on investing in bonds

In Bonds: The Unbeaten Path to Secure Investment Growth, Second Edition, the fully revised and updated edition of the classic guide to demystifying the bonds market, veteran investor husband and wife team Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that will ensure positive returns. Designed to educate novice and sophisticated investors alike, as well as to serve as a tool for financial advisers, the book explains why and when bonds can be the right choice. Case studies, detailed bond strategies, and a financial planning overview bring home the value of bonds in achieving financial goals.

Presenting a broad spectrum of bond-investment options, and describing how to purchase bonds at the best prices, the book shows how to make real money by investing in bonds. The strategies presented here are designed to help the reader determine how to use bonds to take control of their own financial destiny.
* New edition includes information on corporate bonds, emerging market bonds, municipal bonds, the new global ratings, and how to protect against municipal defaults
* Looks at how bond portfolios protected against market volatility in the 2007-2008 crash and how they can do the same in the future
* Includes information on how the bond market has changed
* The wealthiest investors and financial advisers use the bond strategies outlined in this book to maximize the return on their portfolios while providing security of principal

With more bond options available than ever before, Bonds continues to be a must-have for anyone looking to understand the investment opportunities available to them.
Updated edition of the established classic on investing in bonds

In Bonds: The Unbeaten Path to Secure Investment Growth, Second Edition, the fully revised and updated edition of the classic guide to demystifying the bonds market, veteran investor husband and wife team Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that will ensure positive returns. Designed to educate novice and sophisticated investors alike, as well as to serve as a tool for financial advisers, the book explains why and when bonds can be the right choice. Case studies, detailed bond strategies, and a financial planning overview bring home the value of bonds in achieving financial goals.

Presenting a broad spectrum of bond-investment options, and describing how to purchase bonds at the best prices, the book shows how to make real money by investing in bonds. The strategies presented here are designed to help the reader determine how to use bonds to take control of their own financial destiny.
* New edition includes information on corporate bonds, emerging market bonds, municipal bonds, the new global ratings, and how to protect against municipal defaults
* Looks at how bond portfolios protected against market volatility in the 2007-2008 crash and how they can do the same in the future
* Includes information on how the bond market has changed
* The wealthiest investors and financial advisers use the bond strategies outlined in this book to maximize the return on their portfolios while providing security of principal

With more bond options available than ever before, Bonds continues to be a must-have for anyone looking to understand the investment opportunities available to them.
Über den Autor

The advice of HILDY RICHELSON, PHD, and STAN RICHELSON, JD, LLM, on bond investing is sought across the United States by individuals, financial advisors, and the media. As nationally recognized bond advisors and financial authors of five bond books, they have translated the complex world of bond investing into diagrams and layman's language, enabling motivated investors to take control of their financial lives.

Scarsdale Investment Group, Ltd. restricts its practice to the design and implementation of bond portfolios for high-net-worth individuals. Visit their website at [...] and sign up for a free newsletter to receive updates on bond market trends.

Inhaltsverzeichnis

Foreword xxiii

Preface xxvii

Acknowledgments xxxvii

Introduction xxxix

PART I Clearing the Cobwebs 1

Chapter 1 Bonds: The Better Investment 3

Examining the Myths 5

Historical Annual Return 5

Unhappy Returns: Uncovering the True Returns on Stock Investments 6

Taxes, Costs, and Risks of Investing in Bonds 9

Past Performance 10

Risk 14

Growth and Income 18

A Second Look at Risks and Returns 19

Stock Market Volatility: The Impact on Retirement Planning 21

Why Bonds Are a Better Investment than Stocks 23

Individual and Institutional Investors: How They Differ 24

Institutional Bond Investors 25

Key Questions to Ask about Whether You Should

Invest in Stocks rather than Bonds 27

Notes 27

Chapter 2 The All-Bond Portfolio 29

Advantages of the All-Bond Portfolio 30

Financial Planning 31

Designing the All-Bond Portfolio 33

Plain Vanilla Bonds 33

Plain Vanilla Exclusions 34

A Word about Other Bonds 36

High-Yield Debt 36

The All-Bond Antidote to Greed and Fear 37

Notes 38

Chapter 3 Adopting the All-Bond Portfolio: A Case Study 39

A Poor-Fitting Portfolio 39

Peter's Financial Objectives 40

Peter's Concerns about His Portfolio 41

A Consultation with Stan Richelson 43

A Financial Plan Aligned with Objectives 44

Step 1: Peter's Objectives and Financial Needs 45

Step 2: Allocation between Safe Bonds and All Other Assets 45

Step 3: Tax Review 45

Step 4: A Goal-Directed Portfolio 46

Reaching a Comfort Level 48

Note 48

PART II Bond Basics 49

Chapter 4 The Evolution of a Bond: From Verbal IOU to Electronic Entry 51

Learning the Language 51

The Early Years 52

A Colonial Debut 55

After the American Revolution 56

Entering the Twentieth Century 59

Changes in the Twentieth Century 62

A Modern Metamorphosis 64

Great Recession of 2007-2009 67

Basel III-International Securities Standards 68

Derivative Regulation 70

The Internet's Impact on Bond Buying 70

Notes 71

Chapter 5 The Life of a Bond: How it's Created, Issued, Priced, and Traded 75

By Way of Background 76

Preparing a Bond Issue 78

Rating a Bond 81

Setting a Coupon Rate 84

Launching a Bond 85

Understanding Risk 86

A Bond's Cost and Yield 88

Determining a Bond's Yield 88

Current Yield 89

Simple and Compound Interest 90

Yield-to-Maturity 91

Yield-to-Call and Yield-to-Worst 92

Yield-to-Average Life 92

After-Tax Yield 93

The Call Option 93

Duration 94

Total Return 96

Cash Flow upon Death: The Estate Feature 97

Mind Mr. Market 98

Pricing a Secondary Market Bond 100

Key Questions to Ask When Purchasing a Bond 101

Notes 101

PART III Bond Categories 103

Chapter 6 U.S. Treasury Securities 105

The Big Picture 105

U.S. Treasury Notes and Bonds 108

Advantages 108

Risks 109

Tax Implications 109

Pricing Information 110

Special Features and Tips 110

U.S. Treasury Bills 111

Advantages 111

Risks 111

Tax Implications 112

Pricing Information 112

STRIPS 112

Advantages 113

Risks 114

Tax Implications 114

Pricing Information 114

TIPS 114

Advantages 117

Risks 117

Tax Implications 118

Special Features and Tips 118

Key Questions to Ask about All Treasury Securities 120

Notes 120

Chapter 7 U.S. Savings Bonds 121

Simple Investments with a Few Complexities 121

Purchasing a Savings Bond 122

Series EE Savings Bonds 123

EE Bond Purchases on or after May 1, 2005 123

Special Rules for Old EE Bonds 124

Advantages 125

Risks 125

Tax Implications 125

Special Features 127

Recommendations and Tips 129

Series HH Savings Bonds 130

Advantages 130

Risks 131

Tax Implications 131

Series I Savings Bonds 131

Advantages 133

Risks 134

Tax Implications 134

Recommendations and Tips 134

Key Questions to Ask about Savings Bonds 135

Chapter 8 U.S. Agency Debt 137

Major Debt-Issuing Agencies 138

Fannie Mae and Freddie Mac 139

Federal Agricultural Mortgage Corporation 142

Federal Farm Credit Bank System 142

Federal Home Loan Bank System 142

Financing Corporation 143

Resolution Funding Corporation 143

Student Loan Marketing Association 144

Tennessee Valley Authority 144

Advantages 145

Risks 145

Tax Implications 147

Special Features and Tips 147

Key Questions to Ask about Agency Bonds 148

Notes 149

Chapter 9 U.S. Agency Mortgage-Backed Securities and Collateralized Mortgage Obligations 151

Mortgage Securities Guaranteed by the Agencies (Agency MBSs) 152

MBSs: A Complex Structure 153

The Agencies 155

Agency Mortgage-Backed Securities 157

Advantages 158

Risks 159

Tax Implications 160

Special Features and Tips 160

Key Questions to Ask about Mortgage-Backed Securities 161

Collateralized Mortgage Obligations 161

CMOs: A Closer Look 162

Advantages 164

Risks 165

Tax Implications 165

Pricing Information 166

Key Questions to Ask about CMOs 166

Chapter 10 Municipal Bonds: Overview 167

Why Buy Munis? 168

Munis: The Opaque Market 169

Default Risk Considered 172

Risks in Common Bring about Change 174

Ratings and Municipal Bond Insurance 177

Downfall of the Muni Bond Insurers 180

Phoenix Rising 182

Purchasing New Issue Municipal Bonds 182

Municipal Notes 183

Prerefunded and Escrowed Bonds 184

Advantages of Prerefunded Bonds 185

Advantages of Escrowed Bonds 185

Risks 185

Tax Implications 185

Protect Your Muni Bond Portfolio? 185

Taxes on Municipal Bonds 186

Key Questions to Ask about Muni Bonds 187

Notes 188

Chapter 11 Municipal Bonds: Types 191

Tax-Exempt or Taxable Bonds? How to Decide 191

Taxable Municipal Bonds 194

Advantages 195

Risks 195

Tax Implications 196

Special Features and Tips 196

Private Activity Bonds 196

Advantages 197

Risks 197

Tax Implications 198

Tax-Exempt Municipal Bonds 198

General Obligation Bonds 199

Revenue Bonds 202

Types of Revenue Bonds 205

Checking Prices on Municipal Bonds 220

Key Questions to Ask about Types of Municipal Bonds 222

Notes 223

Chapter 12 U.S. Corporate Bonds 225

The Big Picture 225

Ratings 225

Types of Corporate Bond Coupons 227

Taxation 228

Key Categories of Corporate Bonds 229

Advantages 230

Risks 230

Pricing Information 232

Special Features and Tips 232

Corporate Medium-Term Notes 234

Advantages 235

Risks 235

Pricing Information 236

Special Features and Tips 236

Corporate Retail Notes 236

Advantages 237

Risks 238

Pricing Information 238

Information Sources 238

Special Features and Tips 239

Step-Up Bonds, Notes, and Debentures 239

Advantages 240

Risks 240

Tax Implications 241

Special Features and Tips 241

Corporate High-Yield Junk Bonds 241

A Rose by Any Other Name 241

The Track Record 242

Brave Buyers 244

Advantages 245

Risks 246

Pricing Information 246

Special Features and Tips 247

Corporate Convertible Bonds 247

Advantages 248

Risks 248

Pricing Information 249

Special Features and Tips 249

Price-Checking Corporate Bonds 250

Key Questions to Ask about Corporate Bonds 251

Notes 252

Chapter 13 International Bond Markets: Foreign and Offshore 255

Definition of Terms 256

Types of International Bonds 257

Trading Blocs 260

European Bloc in the European Union 260

Emerging Market Bloc 261

Dollar-Denominated Foreign Debt 263

Foreign Bonds 265

Currency Considerations 265

Tax Implications 266

Advantages 266

Risks 267

Special Features and Tips 268

Key Questions to Ask about International Bonds 269

Notes 270

Chapter 14 Bond Look-Alikes 273

Certificates of Deposit 274

Ratings 274

Yields 274

Bank Certificates of Deposit 275

Broker-Sold Bank Certificates of Deposit 277

Key Questions to Ask about Certificates of Deposit 281

Single-Premium Immediate Fixed Annuities 281

Advantages 283

Risks 284

Tax Implications 284

Pricing Information 285

Information Sources 285

Special Features and Tips 285

Key Questions to Ask about an Immediate Fixed Annuity 287

Deferred Fixed Annuities 287

Investment Phase 287

Accumulation Phase 287

Nonfixed Distribution Phase 288

Fixed Distribution Phase 289

Advantages 289

Risks 289

Tax Implications 290

Pricing Information 291

Special Features and Tips 291

Key Questions to Ask about a Fixed Deferred Annuity 292

Nonconvertible Fixed Rate Preferred Stock 292

Advantages 295

Risks 295

Pricing 296

Tax Implications 296

Information...

Details
Erscheinungsjahr: 2011
Fachbereich: Betriebswirtschaft
Genre: Importe, Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Inhalt: 560 S.
ISBN-13: 9781118004463
ISBN-10: 1118004469
Sprache: Englisch
Herstellernummer: 1W118004460
Einband: Gebunden
Autor: Richelson, Hildy
Richelson, Stan
Auflage: 2nd edition
Hersteller: Wiley
John Wiley & Sons
Verantwortliche Person für die EU: Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com
Maße: 237 x 164 x 45 mm
Von/Mit: Hildy Richelson (u. a.)
Erscheinungsdatum: 27.09.2011
Gewicht: 0,883 kg
Artikel-ID: 107050153
Über den Autor

The advice of HILDY RICHELSON, PHD, and STAN RICHELSON, JD, LLM, on bond investing is sought across the United States by individuals, financial advisors, and the media. As nationally recognized bond advisors and financial authors of five bond books, they have translated the complex world of bond investing into diagrams and layman's language, enabling motivated investors to take control of their financial lives.

Scarsdale Investment Group, Ltd. restricts its practice to the design and implementation of bond portfolios for high-net-worth individuals. Visit their website at [...] and sign up for a free newsletter to receive updates on bond market trends.

Inhaltsverzeichnis

Foreword xxiii

Preface xxvii

Acknowledgments xxxvii

Introduction xxxix

PART I Clearing the Cobwebs 1

Chapter 1 Bonds: The Better Investment 3

Examining the Myths 5

Historical Annual Return 5

Unhappy Returns: Uncovering the True Returns on Stock Investments 6

Taxes, Costs, and Risks of Investing in Bonds 9

Past Performance 10

Risk 14

Growth and Income 18

A Second Look at Risks and Returns 19

Stock Market Volatility: The Impact on Retirement Planning 21

Why Bonds Are a Better Investment than Stocks 23

Individual and Institutional Investors: How They Differ 24

Institutional Bond Investors 25

Key Questions to Ask about Whether You Should

Invest in Stocks rather than Bonds 27

Notes 27

Chapter 2 The All-Bond Portfolio 29

Advantages of the All-Bond Portfolio 30

Financial Planning 31

Designing the All-Bond Portfolio 33

Plain Vanilla Bonds 33

Plain Vanilla Exclusions 34

A Word about Other Bonds 36

High-Yield Debt 36

The All-Bond Antidote to Greed and Fear 37

Notes 38

Chapter 3 Adopting the All-Bond Portfolio: A Case Study 39

A Poor-Fitting Portfolio 39

Peter's Financial Objectives 40

Peter's Concerns about His Portfolio 41

A Consultation with Stan Richelson 43

A Financial Plan Aligned with Objectives 44

Step 1: Peter's Objectives and Financial Needs 45

Step 2: Allocation between Safe Bonds and All Other Assets 45

Step 3: Tax Review 45

Step 4: A Goal-Directed Portfolio 46

Reaching a Comfort Level 48

Note 48

PART II Bond Basics 49

Chapter 4 The Evolution of a Bond: From Verbal IOU to Electronic Entry 51

Learning the Language 51

The Early Years 52

A Colonial Debut 55

After the American Revolution 56

Entering the Twentieth Century 59

Changes in the Twentieth Century 62

A Modern Metamorphosis 64

Great Recession of 2007-2009 67

Basel III-International Securities Standards 68

Derivative Regulation 70

The Internet's Impact on Bond Buying 70

Notes 71

Chapter 5 The Life of a Bond: How it's Created, Issued, Priced, and Traded 75

By Way of Background 76

Preparing a Bond Issue 78

Rating a Bond 81

Setting a Coupon Rate 84

Launching a Bond 85

Understanding Risk 86

A Bond's Cost and Yield 88

Determining a Bond's Yield 88

Current Yield 89

Simple and Compound Interest 90

Yield-to-Maturity 91

Yield-to-Call and Yield-to-Worst 92

Yield-to-Average Life 92

After-Tax Yield 93

The Call Option 93

Duration 94

Total Return 96

Cash Flow upon Death: The Estate Feature 97

Mind Mr. Market 98

Pricing a Secondary Market Bond 100

Key Questions to Ask When Purchasing a Bond 101

Notes 101

PART III Bond Categories 103

Chapter 6 U.S. Treasury Securities 105

The Big Picture 105

U.S. Treasury Notes and Bonds 108

Advantages 108

Risks 109

Tax Implications 109

Pricing Information 110

Special Features and Tips 110

U.S. Treasury Bills 111

Advantages 111

Risks 111

Tax Implications 112

Pricing Information 112

STRIPS 112

Advantages 113

Risks 114

Tax Implications 114

Pricing Information 114

TIPS 114

Advantages 117

Risks 117

Tax Implications 118

Special Features and Tips 118

Key Questions to Ask about All Treasury Securities 120

Notes 120

Chapter 7 U.S. Savings Bonds 121

Simple Investments with a Few Complexities 121

Purchasing a Savings Bond 122

Series EE Savings Bonds 123

EE Bond Purchases on or after May 1, 2005 123

Special Rules for Old EE Bonds 124

Advantages 125

Risks 125

Tax Implications 125

Special Features 127

Recommendations and Tips 129

Series HH Savings Bonds 130

Advantages 130

Risks 131

Tax Implications 131

Series I Savings Bonds 131

Advantages 133

Risks 134

Tax Implications 134

Recommendations and Tips 134

Key Questions to Ask about Savings Bonds 135

Chapter 8 U.S. Agency Debt 137

Major Debt-Issuing Agencies 138

Fannie Mae and Freddie Mac 139

Federal Agricultural Mortgage Corporation 142

Federal Farm Credit Bank System 142

Federal Home Loan Bank System 142

Financing Corporation 143

Resolution Funding Corporation 143

Student Loan Marketing Association 144

Tennessee Valley Authority 144

Advantages 145

Risks 145

Tax Implications 147

Special Features and Tips 147

Key Questions to Ask about Agency Bonds 148

Notes 149

Chapter 9 U.S. Agency Mortgage-Backed Securities and Collateralized Mortgage Obligations 151

Mortgage Securities Guaranteed by the Agencies (Agency MBSs) 152

MBSs: A Complex Structure 153

The Agencies 155

Agency Mortgage-Backed Securities 157

Advantages 158

Risks 159

Tax Implications 160

Special Features and Tips 160

Key Questions to Ask about Mortgage-Backed Securities 161

Collateralized Mortgage Obligations 161

CMOs: A Closer Look 162

Advantages 164

Risks 165

Tax Implications 165

Pricing Information 166

Key Questions to Ask about CMOs 166

Chapter 10 Municipal Bonds: Overview 167

Why Buy Munis? 168

Munis: The Opaque Market 169

Default Risk Considered 172

Risks in Common Bring about Change 174

Ratings and Municipal Bond Insurance 177

Downfall of the Muni Bond Insurers 180

Phoenix Rising 182

Purchasing New Issue Municipal Bonds 182

Municipal Notes 183

Prerefunded and Escrowed Bonds 184

Advantages of Prerefunded Bonds 185

Advantages of Escrowed Bonds 185

Risks 185

Tax Implications 185

Protect Your Muni Bond Portfolio? 185

Taxes on Municipal Bonds 186

Key Questions to Ask about Muni Bonds 187

Notes 188

Chapter 11 Municipal Bonds: Types 191

Tax-Exempt or Taxable Bonds? How to Decide 191

Taxable Municipal Bonds 194

Advantages 195

Risks 195

Tax Implications 196

Special Features and Tips 196

Private Activity Bonds 196

Advantages 197

Risks 197

Tax Implications 198

Tax-Exempt Municipal Bonds 198

General Obligation Bonds 199

Revenue Bonds 202

Types of Revenue Bonds 205

Checking Prices on Municipal Bonds 220

Key Questions to Ask about Types of Municipal Bonds 222

Notes 223

Chapter 12 U.S. Corporate Bonds 225

The Big Picture 225

Ratings 225

Types of Corporate Bond Coupons 227

Taxation 228

Key Categories of Corporate Bonds 229

Advantages 230

Risks 230

Pricing Information 232

Special Features and Tips 232

Corporate Medium-Term Notes 234

Advantages 235

Risks 235

Pricing Information 236

Special Features and Tips 236

Corporate Retail Notes 236

Advantages 237

Risks 238

Pricing Information 238

Information Sources 238

Special Features and Tips 239

Step-Up Bonds, Notes, and Debentures 239

Advantages 240

Risks 240

Tax Implications 241

Special Features and Tips 241

Corporate High-Yield Junk Bonds 241

A Rose by Any Other Name 241

The Track Record 242

Brave Buyers 244

Advantages 245

Risks 246

Pricing Information 246

Special Features and Tips 247

Corporate Convertible Bonds 247

Advantages 248

Risks 248

Pricing Information 249

Special Features and Tips 249

Price-Checking Corporate Bonds 250

Key Questions to Ask about Corporate Bonds 251

Notes 252

Chapter 13 International Bond Markets: Foreign and Offshore 255

Definition of Terms 256

Types of International Bonds 257

Trading Blocs 260

European Bloc in the European Union 260

Emerging Market Bloc 261

Dollar-Denominated Foreign Debt 263

Foreign Bonds 265

Currency Considerations 265

Tax Implications 266

Advantages 266

Risks 267

Special Features and Tips 268

Key Questions to Ask about International Bonds 269

Notes 270

Chapter 14 Bond Look-Alikes 273

Certificates of Deposit 274

Ratings 274

Yields 274

Bank Certificates of Deposit 275

Broker-Sold Bank Certificates of Deposit 277

Key Questions to Ask about Certificates of Deposit 281

Single-Premium Immediate Fixed Annuities 281

Advantages 283

Risks 284

Tax Implications 284

Pricing Information 285

Information Sources 285

Special Features and Tips 285

Key Questions to Ask about an Immediate Fixed Annuity 287

Deferred Fixed Annuities 287

Investment Phase 287

Accumulation Phase 287

Nonfixed Distribution Phase 288

Fixed Distribution Phase 289

Advantages 289

Risks 289

Tax Implications 290

Pricing Information 291

Special Features and Tips 291

Key Questions to Ask about a Fixed Deferred Annuity 292

Nonconvertible Fixed Rate Preferred Stock 292

Advantages 295

Risks 295

Pricing 296

Tax Implications 296

Information...

Details
Erscheinungsjahr: 2011
Fachbereich: Betriebswirtschaft
Genre: Importe, Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Inhalt: 560 S.
ISBN-13: 9781118004463
ISBN-10: 1118004469
Sprache: Englisch
Herstellernummer: 1W118004460
Einband: Gebunden
Autor: Richelson, Hildy
Richelson, Stan
Auflage: 2nd edition
Hersteller: Wiley
John Wiley & Sons
Verantwortliche Person für die EU: Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com
Maße: 237 x 164 x 45 mm
Von/Mit: Hildy Richelson (u. a.)
Erscheinungsdatum: 27.09.2011
Gewicht: 0,883 kg
Artikel-ID: 107050153
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