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Inside The Yield Book%The Classic That Created The$Science

 
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MessagePosté le: Ven 20 Mai - 14:21 (2016)    Sujet du message: Inside The Yield Book%The Classic That Created The$Science Répondre en citant




Inside The Yield Book The Classic That Created The Science Of Bond Analysis > bit.ly/255wFVv





Thereafter,.because.their.entire.principal.amount.must.be.reinvested.at.the.then.prevailing.rates,.the.area.of.uncertainty.is.very.much.larger.than.in.the.case.of.long-term.bondsMeyer.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.SMore...than...thirty...years...later,...it...remains...a...standard...primer...and...reference...among...market...professionalsGoogle+403...Forbidden.Long-Term.Par.Bonds.For.most.long-term.bonds,.the.interest-on-interest.is.a.surprisingly.important.part.of.the.total.compounded.return.to.the.bondholder:.typically.over.halfMapsInvestment...Implications...(1)...The...purchaser...of...long-term...bonds...who...plans...to...compound...his...return...has...not...achieved...a...certainty...as...to...just...what...his...total...compounded...realized...yield...will...be...even...if...the...bonds...are...non-callableThe.new.material.will.not.disappointIf.the.coupons.cannot.be.reinvested.at.the.Yield.Book.rate,.then.the.realized.compound.yield.over.the.bond's.life.of.the.dollars.originally.invested.may.vary.widely.from.the.Yield.Book.figureOn.the.other.hand,.if.the.rate.of.interest-on-interest.rises.to.10%,.interest-on-interest.will.rise.to.$3,232.and.total.return.to.$4,832.per.$1,000.invested.bringing.the.total.realized.compound.yield.to.the.purchaser.up.to.9.01%Request..abortedA...low...reinvestment...rate...a...year...or...two...after...investment...followed...by...higher...rates...would...bring...much...bigger...total...interest-on-interest...than...an...early...period...of...high...rates...followed...by...low...ratesDriveSimple..Interest..vsIn..real..life,..rates..vary..widely..from..year..to..year,..and..a..simple..average..would..be..fallacious..because..of..the..time..factor.The.page.you.were.looking.for.doesn't.existThus,...the...maximum...income...benefit...to...today's...purchaser...would...accrue...from...a...rapid...rise...in...interest...rates...soon...after...his...purchase...and...thereafter...sustained...high...rates!...Javascript...is...not...enabled...in...your...browserLearn..how..to..enable..JavaScript..on..your..browser..122.Fifth.Avenue,.New.York,.NY.10011They.tend.to.ignore.the.variability.of.compound.interest(Continues.)..Excerpted..from..Inside..The..Yield..Book..by..Sidney..Homer..Martin..LCompound...Interest...Many...investors,...like...university...endowment...funds...and...foundations...and...private...investors,...simply...collect...and...spend...their...couponsIt.is.not.so.well.known.that.to.obtain.this.objective.it.is.necessary.that.the.bonds'.coupon.income.be.reinvested.so.as.to.gather."interest-on-interest".at.a.rate.exactly.equal.to.the.yield-to-maturity.itselfTranslate.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.MoneyInside..the..Yield..Book:..The..Classic..That..Created..the..Science..of..Bond..Analysis..by..Sidney..Homer,..Martin..LFabozzi,.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.understoodThe...new...material...in...this...expanded...edition...extends...those...insights...to...equities...and...other...investmentsand...the...investment...world...is...indebted...anew...to...Sidney...Homer...and...Martin...Leibowitz."...Frank...JRead...More...What...People...are...saying...about...this...From...the...Publisher..."For...active...fixed-income...investors,...this...book...has...always...been...the...holy...writ,...where...it...all...beganIt..follows..that..a..present..purchaser..of..a..long-term..8%..non-callable..bond..at..100..is..by..no..means..assured..of..a..realized..yield..of..8%..for..the..life..of..his..investment..if..by..yield..is..meant..interest..compounded..on..the..entire..original..investment..for..the..entire..life..of..the..bond:..it..might..turn..out..to..be..6.64%..or..9.01..%..or..more..or..less,..depending..on..the..future..trend..of..bond..yieldsTo..obtain..this..same..realized..compound..yield..of..7.07%..under..the..same..reinvestment..assumption..(6%),the..4%..coupon..bond..(Table..3)..would..have..to..be..priced..to..yield..7.70%..by..the..Yield..BookLeibowitz...is...a...managing...director...in...the...research...department...at...Morgan...Stanley f5880b0734



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