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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.
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.
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.
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...
| 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 |
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.
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...
| 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 |
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