Managing Director and Fund Manager
PIMCO, one of the world’s leading fixed–income managers
"Michael Brandes has written a thorough, useful, and highly readable treatise on bonds. Investors seeking a balanced, diversified portfolio are advised to read it."
Co–founder, The Motley Fool
"This book cuts through the jargon and gets right to the point. A bond market primer that not only teaches the basics, but also is enjoyable to read."
Head of Credit Strategy, Morgan Stanley
"The title says it all. The book is to the point and easy to understand. I wish I had Michael’s so easy–to–understand reference to bonds years ago."
Alan R. Shaw
Managing Director, U.S. Equity Research
Smith Barney (a division of Citigroup)
"Fixed income can be an enormously complex and confusing asset class even for seasoned investment professionals with a dizzying array of instruments and strategies. Fortunately, Brandes has done a marvelous job of pulling back the proverbial curtain, to unveil and demystify the bond market by breaking a complicated topic down into simple, manageable, and understandable building blocks."
Philip J. Orlando, CFA
Senior Vice President and Senior Portfolio Manager, Federated Investors
"Everything here about bonds is bite size and easy to digest. Pleasantly so. This book marks a clear path for individual investors to follow, and will fill you with many new insights. An extremely handy guide for anyone who wants to invest in bonds for safety and income."
author of the bestselling book How to Read a Financial Report
PART 1: WHAT YOU WANT TO KNOW.
Chapter 1. Why Bonds?
Chapter 2. Who Issues Bonds? And Why?
Chapter 3. How Are Bonds Bought and Sold?
Chapter 4. Why Buy Bonds Rather Than Stocks?
PART 2: ESSENTIAL PARTS.
Chapter 5. Price.
Chapter 6. Maturity.
Chapter 7. Coupon.
Chapter 8. Yield.
Chapter 9. Credity Quality.
PART 3: SIMPLIFYING KEY CONCEPTS.
Chapter 10. Why Bad News is Good News.
Chapter 11. Bond Prices and Interest Rates.
Chapter 12. Measuring Volatility.
Chapter 13. Armchair Economist.
Chapter 14. Evaluating Liquidity.
PART 4: MAINSTAYS OF THE MARKET.
Chapter 15. Treasury Securities.
Chapter 16. Agency Securities.
Chapter 17. Mortgage–Backed Securities.
Chapter 18. Corporate Bonds.
Chapter 19. Municipal Bonds.
Chapter 20. International Bonds.
PART 5: PERIPHERAL PLAYERS.
Chapter 21. Preferred Securities.
Chapter 22. Convertible Securities.
Chapter 23. U.S. Savings Bonds.
Chapter 24. Certificates of Deposit.
Chapter 25. Funds and Unit Investment Trusts.
Chapter 26. Money Market Funds.
PART 6: PUTTING IT ALL TOGETHER.
Chapter 27. Have an Informed Opinion.
Chapter 28. Establish a Framework.
Chapter 29. Diversification.
Chapter 30. Interpreting the Yield Curve.
Chapter 31. Managing Volatility.
PART 7: GETTING DOWN TO BUSINESS.
Chapter 32. Bond Strategies.
Chapter 33. Fund Strategies.
Chapter 34. Bonds, Funds, or Both?
Chapter 35. Preparing for changing Rates.
Chapter 36. Swaps and Total Return.
Chapter 37. What Not to Do.
Chapter 38. Practical Matters.