Wright - Getting Started in Bonds 2e [trading] (Wiley, 2003).pdf - Najnowsze ksiazki(6) - walbo48

Bonds

Second Edition

Sharon Saltzgiver Wright

John Wiley & Sons, Inc.

Getting Started in

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in

preparing this book, they make no representations or warranties with respect to the accuracy or

completeness of the contents of this book and speciﬁcally disclaim any implied warranties of

merchantability or ﬁtness for a particular purpose. No warranty may be created or extended by sales

representatives or written sales materials. The advice and strategies contained herein may not be suitable for

your situation. You should consult with a professional where appropriate. Neither the publisher nor author

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Library of Congress Cataloging-in-Publication Data:

Wright, Sharon Saltzgiver, 1961–

Getting started in bonds / Sharon Saltzgiver Wright.—2nd ed.

p. cm.—(The getting started in series)

Includes index.

ISBN 0-471-27123-3 (pbk. : alk. paper)

1. Bonds. I. Title. II. Getting started in.

HG4651 . W75 2003

332.63 ' 23—dc21

2002032435

Printed in the United States of America.

10987654321

This book is dedicated to my partner,

my computer artist, my proofreader, my best friend,

my great enabler, and the love of my life,

who auspiciously all walk around in the same body

(my husband’s), Doug.

Preface

mention “bond investing”? They belong to the legions of unin-

formed whose ignorance is relegating them to the boat of missed

opportunity. The fact that you are reading this indicates you’re already

more savvy than the average investor. You’ve identiﬁed the fact that it is

absolutely essential to understand and invest in ﬁxed income.

Welcome to the Wonderful World of Bonds. Read on, and you’ll dis-

cover bonds are not narcoleptic; they are stimulating, dynamic investment

vehicles. Once you devour this book, you’ll be able to dazzle folks at your

next soiree with tantalizing tales of ﬁxed income prowess.

“Aren’t you totally jazzed the Fed lowered rates? I had extended

out the curve and am long a bunch of zeros.”

“Did you see the T-bill’s dead cat bounce?”

“I just thought of a cool way to balance my mortgage-backeds’ nega-

tive convexity.”

The possibilities are limitless. Yes, Virginia, bonds do have sex ap-

peal. Although bonds have been known to intimidate and obfuscate,

don’t be discouraged by your lack of ﬁxed income acumen. A number

of folks working in the ﬁnance industry don’t properly understand

bonds. All the more reason you need to understand these seemingly

elusive creatures yourself.

I believe the best way to learn a subject is to have fun while doing

so. It’s not productive if you fall asleep reading the ﬁrst chapter. In this

book, there will be a number of chances to “get” a concept. There will

be analogies, real-life examples, and different approaches to help you

through the material. One of the reasons bonds have remained en-

shrouded in confusion is the jargon used when talking about them. To

simplify your learning process, investment terms will be set in bold and

deﬁned in the margin where they ﬁrst appear in the book and then col-

lected at the back of the book in a reference glossary.

The book is divided into four sections. Part One covers the types of

bonds you have to choose from. Part Two explains how you can identify a

good bond and covers some simple bond math. Part Three reveals factors

vii

H ave you ever noticed how people’s eyes glaze over when you

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