Inside the Yield Book; New Tools for Bond Market Strategy

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9780134675480: Inside the Yield Book; New Tools for Bond Market Strategy

First published in 1972, Inside the Yield Book revolutionized the fixed–income industry and forever altered the way investors looked at bonds. More than thirty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with new material by Martin L. Leibowitz that develops a horizon–based approach to present value and shows how these concepts can be generalized beyond bonds to become useful in the analysis of virtually any investment opportunity, including equities. Also included is a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers. Inside the Yield Book explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, loans––in fact, any securities or investments that involve compound interest and the determination of present value for future cash flows. In an era of calculators and computers, some of these important underlying principles are not always grasped thoroughly by market participants. Investors, traders, and analysts who want to sharpen their ability to recall and apply these fundamentals will find this book the perfect concise resource. This authoritative work, now significantly expanded, is more instructive, important, and useful than ever for mastering crucial concepts of time, value, and return, and for better comprehending their role within the world of investments, in particular, and finance, in general.

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Review:

"For active fixed–income investors, this book has always been the holy writ, where it all began. . . . Inside the Yield Book is the essential work for understanding what the entire investment process is all about." —Peter L. Bernstein Author of Against the Gods and Capital Ideas "It′s pure pleasure to revisit this innovative and authoritative bedrock of modern bond analysis . . . the description of Wall Street′s original ′rocket scientist′ encountering Salomon Brothers′ trading floor is worth the price of admission." —John Lipsky Chief Economist, JPMorgan Chase "This book transformed the markets′ understanding of bonds. The new material in this expanded edition extends those insights to equities and other investments––and the investment world is indebted anew to Sidney Homer and Martin Leibowitz." —Frank J. Fabozzi, PhD, CFA Editor of the Journal of Portfolio Management Frederick Frank Adjunct Professor of Finance at Yale University′s School of Management " Inside the Yield Book may not be where it all began, but it certainly is where it all began to be understood. The clarity and elegance of language and thought is startling. The new material will not disappoint. This book will live forever!" —Jack R. Meyer President and CEO, Harvard Management Company "Every participant in the fixed–income market needs to read and then reread this authoritative work." —Laurence Fink Chairman and CEO, BlackRock "The new edition gives us the best of both worlds: the complete classic that helped launch a golden age for fixed–income investing, and completely new sections that show how relevant and essential its wisdom remains today." —Lewis S. Ranieri Chairman, Hyperion Partners

About the Author:

Martin L. Leibowitz is a managing director in the research department at Morgan Stanley. For the prior nine years, he was with TIAA–CREF, the world′s largest pension fund, where as chief investment officer he oversaw $300 billion in assets. Dr. Leibowitz is the author of five books and numerous articles, and winner of multiple Financial Analysts Journal Graham and Dodd Awards for his work analyzing equities and fixed–income investments. Sidney Homer, who died in 1983, was the founder and general partner in charge of Salomon Brothers′ bond market research department. Best known for his pioneering and analytical studies of bond market history and relative values and the economic forces which create bond market trends, he is the author of several books including A History of Interest Rates, The Bond Buyer′s Primer, and The Price of Money.

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