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Part 4: Options for Purchasing Bonds. Undetected location. NO YES. Selected type: E-Book. Added to Your Shopping Cart. This is a dummy description. In Bonds: The Unbeaten Path to Secure Investment Growth, Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that can ensure results.

The book is designed to educate novice and sophisticated investors alike and serve as a tool for financial advisers as well. It explains why bonds can be the right choice and how to use them to achieve financial goals. It presents a broad spectrum of bond-investment options, describes how to purchase bonds at the best prices, and most important, shows how to make money with bonds. The bond strategies presented in this book are used by the wealthiest investors and financial advisers to maximize the return on their portfolios while providing security of principal.

These strategies can help you determine how to use bonds in your portfolio and take control of your financial destiny. You'll be playing it smart while playing it safe. About the Author Hildy Richelson, PhD, advises clients nationwide on buying fixed-income investments. Once you grasp the basic concepts, you can read in detail about all of the different categories of bonds. This will put meat on the framework sorry vegetarians of what a bond is. Part II can also be used as a reference before you decide to buy a bond.

Part V, Bond Investment Strategies discusses financial planning with bonds, investment planning with bonds and bond strategies. Rich in detail, this section will enable you to determine how bonds can best fit into your portfolio. Chapter 19 tackles the vital subject of how to think about your financial and life needs and describes how to use bonds in your financial planning to achieve financial well-being.

Chapter 20 contains case studies describing how bonds might be used to meet a variety of financial-planning goals, including socially conscious investing. This chapter profiles how different people have employed bonds to create a safe haven for their financial lives. Chapter 21 not only discusses techniques tailored to the individual investor but also offers a complete checklist of strategies useful as well to investment advisers and other professionals. Specific strategies address topics such as determining when to buy and sell bonds, constructing and implementing a bond ladder, finding bargain bonds, keeping away from overvalued bonds, what to do when interest rates are rising or are falling, investing for tax advantages, investing by risk tolerance, and investing for income needs.

After you have read the narrative chapters in Parts I, II, and V, read the descriptive chapters in Part III, Bond Categories as a way to understand what it means to invest in all the major types of bonds and compares them in detail in a uniform and useful format. If you are interested in bonds providing state tax exemption, you might read Chapters 6 and 8 on Treasury and agency bonds.

As we describe in a brief introduction to investing in municipal bonds, if you are seeking federal tax exemption as well, then you should read Chapter 10 on tax-free municipal bonds to understand if you can benefit, and then read its companion, Chapter 11, to understand what kinds of municipal bonds are issued.

If you want to understand and buy the safest bonds, read the chapters on Treasury bonds, U. They may not provide the highest yields, but they can give comfort by offering a relatively safe place to park your assets that can yield a steady stream of income or long-term growth. If you are looking for a higher yield, then Chapters 12 and 13 on U.

Chapter 9, on mortgage-backed securities, sheds light on another high-yielding class of securities. If you are trying to understand why you should buy bonds rather than invest in common or preferred stock for dividends, the difference between a bond and a certificate of deposit, or the difference between investing in individual bonds and purchasing a fixed immediate or deferred annuity, then read Chapter 14 on bond look-alikes.

We have not written about all the other types of insurance policies because they are very complicated and beyond the scope of a book devoted to fixed income investing. When you understand enough about bonds, we hope you are ready to buy them. At this point read Part IV, Options for Purchasing Bonds, which explains how to buy individual bonds either through a broker, online, or through mutual funds and similar vehicles.

Included is thoroughly practical real-world advice on how to buy bonds without the help of an investment adviser, how to best use a broker, and how, through use of the Internet and other techniques, to evaluate the price of a bond. Drawing on our many years of experience representing clients in their purchase and sale of bonds, this chapter tells the secrets of the trade from the perspective of an experienced and expert bond investor.

We outline resources that you can use if you wish to buy bonds yourself. Four chapters in Part IV, Chapters 15, 16, 17, and 18, provide an in-depth discussion of how to buy individual bonds and the different kinds of bond funds, including individual bonds with more or less expensive wrappers. We explain the advantages and disadvantages of bond mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts and then compare them all to investing in individual bonds.

We then describe the considerations in buying bond funds and the strategies that you might employ. Finally, an appendix of useful web sites, annotating those mentioned throughout the text, serves as an invaluable reference for finding bond information on the Internet. You will discover sites for bond calculators, yield curves, and other practical roman. All in all, whether you are a beginning bond investor, or an investment advisor or professional bond investor, you should easily find topics of interest to entertain and enlighten you.

We have enjoyed writing this book and we hope that you find some pleasure in reading it. To keep up to date with developments in the bond market, sign up for our free bond newsletter by going to www. Warren S. The main purpose of this book is to debunk the many myths surrounding investing in stocks and bonds and to provide new thinking for you to consider when developing and carrying out your financial plan.

In Part I, we take you on an unusual journey and encourage you to look at the financial world through our eyes and examine the proposition that, for individual investors, individual bonds are a better investment than stocks or any other asset class. In Chapter 1, we compare stocks and bonds and describe the powerful case for investing in bonds.

When we refer to bonds, we only mean individual bonds and not bond funds. Bond funds are quasi-equities because they do not have a due date. Our case for bonds has always existed. However, it has been made more persuasive by the dot-com crash of to , the crash of , and the Great Recession beginning in If you find that bonds make sense for you, we describe in Chapter 2 how to carry out the strategy of the All-Bond Portfolio, including the specific kinds of bonds to buy we call them plain vanilla bonds.

Plain vanilla bonds are high-quality individual bonds, easy to buy and sell at low or no cost, and easy to understand. In Chapter 3, we provide a case study illustrating why and how a family used the All-Bond Portfolio to support their life objectives and their financial goals using our four-step financial planning procedure. Come with us as we look at the financial world in an unbiased way, challenge the traditional thinking found in articles and books on investing, and offer strong evidence to support our belief in bond investments.

Financial plans based on the traditional thinking that emphasizes stock investing have not worked out well for many individual investors. They have taken substantial risks with their nest eggs and endured severe and upsetting market declines and financial uncertainty. Indeed, many individuals lost their retirement savings. We believe that the All-Bond Portfolio is a better way to plan and secure your financial future. This book will show you how to build one.

We hope that this book will change the way you view the world of investing. For generations, stocks have gotten top billing over bonds. Stocks, many insist, have outperformed bonds in the past, will outperform bonds in the future, and are not risky if held for 10 years or more. We believe these assertions are myths. In fact, this thinking is now being called into question by sophisticated market players such as Citigroup.

Back in , U. Over the next 50 years, these weightings reversed. By , that percentage dropped to 36 percent. This movement from bonds to stocks is referred to as the cult of equities. However, in the year period from to , as a result of two 50 percent bear markets and brutal volatility, the cult of equities has reversed as a result of a reassessment by investors of the merits of stocks and bonds.

Bonds enable investors to match their needs in retirement with their assets. Aging populations favor bonds over equities. Most importantly, the cult of equities has been severely questioned because bonds have outperformed equities from to , annual performance of 0. This chapter makes the case that the stated historical return of 9.

It is uncertain that stocks will outperform bonds in the future, and the risk of a severe stock market decline increases as the investment period increases. Stocks are riskier and less predictable than bonds. Ultimately, they are not as good an investment as bonds. In the holy name of diversification, investors are told to balance the bulk of their investment portfolio between stocks and bonds. For individual investors, we believe that bonds are a better investment than stocks.

Indeed, we believe that the ideal portfolio for individual investors would contain only plain vanilla bonds. These risks have been clearly demonstrated as a result of the two stock market crashes that occurred from to Even if you believe that stocks will outperform bonds in the future, consider our view that dependable and predictable cash flow from your portfolio is the best solution to your retirement problem.

The bonds that we recommend are the safest investments available. If you can achieve your financial goals without taking on substantial risk, why not do so? If you cannot achieve your financial goals without taking on substantial risks, should you do so? Are there alternatives to consider?

We developed the All-Bond Portfolio as a strategy that individuals can use to achieve their financial goals, taking into account their capabilities and limitations. The All-Bond Portfolio does not include investments in stock, stock funds, commodities, real estate, or bond funds.

This chapter examines the myths surrounding the historical returns on stocks and bonds—without equity-colored glasses—in a noninstitutional portfolio. The results will show you why we believe that the All-Bond Portfolio is the best strategy for individual investors.

Keep in mind that when we refer to bonds, we mean individual bonds and not bond funds. To compare historical and potential returns from stocks and bonds, some important questions have to be addressed:. Our answers to these questions cast doubt on the old assumptions of investing, which the media and most financial advisers accept as gospel. If you are and you are willing to change your approach to investing, the All-Bond Portfolio can maximize your investment returns with the highest degree of safety.

The actual annual historical return of stocks is much less than 9. The Ibbotson data reflect a 9. However, these data are merely theoretical because they do not take into account the actual frictions of real-life investing. Because of these real-life costs, it is impossible for individual investors to have realized the stock market returns reported by Ibbotson. To find the actual historical performance of stocks, we must reduce the theoretical Ibbotson stock returns by three elements: taxes, transaction costs, and bad timing:.

Individuals are subject to federal and often state and local taxes on income as well as on dividends and capital gains. If stock is held in a stock fund and the fund trades its stock portfolio a great deal, some or all of the reportable gains may be treated as short-term capital gains, which may be taxed at ordinary income rates. The outcome is the same if an individual holds his stock for one year or less before its sale.

Transaction costs. Individuals must pay transaction costs to buy and sell stocks including commissions on individual stocks, managed account fees, and management fees and other expenses on stock funds. William Bernstein examined fund management fees and reported the following in the April issue of Financial Planning:. The average microcap and emerging market fund has annual fees and expenses of almost 10 percent.

Bad timing. The most costly element of all is the buying and selling habits of individual investors. Investors are generally emotional in their investment choices and often have an atrocious sense of timing. They tend to buy into the stock market when it is hot after it has gone up a lot. They often lose their nerve and sell after a severe decline. Making money in stocks requires making two correct decisions: when to buy and when to sell.

Mauboussin, a strategist at Legg Mason Capital Management. Meanwhile, the average investor earned only 6. Mauboussin attributes this seemingly impossible result to poor market timing and the extraordinary proclivity for investors to invest in the wrong place at the wrong time.

The buy-high, sell-low behavior pattern of individual investors observed by Mauboussin has been verified by research undertaken by Dalbar, Inc. It says something about human nature, says Ilia Dichev, an accounting professor at the University of Michigan. When things are going up, people get excited.

A buy-and-hold strategy may not solve the market-timing problem with respect to stocks. Buying and holding works well for stocks in a bull market like the one from to But a buy-and-hold strategy results in serious losses and creates a great deal of wear and tear on individual investors in a bear market, such as the one from to The Nasdaq lost As a result of both the banking and real estate crisis of , there was a fear of an economic collapse and depression. Consider, for example, the story of Boots, a drugstore chain in the United Kingdom.

After making spectacular gains in the s bull market in stocks, it fired its portfolio manager in Instead of watching its assets decline, the Boots pension plan sold all its stock and purchased high-grade bonds. The Boots pension fund ended up with a surplus, while many other pension funds had big losses as a result of the bear market in stocks. Because individual investors have limited life spans, the holding period is of more than theoretical interest.

For example, in the years to , the Dow started out at about 1, and ended the period at pretty much the same place. As stated above, the stock market ended at about the same place where it started in , and this does not take into account reductions caused by taxes, expenses, and bad timing. If you were retired or saving for retirement during one of these periods, you would have been out of luck. It would be no help to you that the historical return on stocks was 9. By taking a savvy approach to bond buying, you can minimize your taxes, limit your expenses, reduce your risk, and increase your profit.

If you are in the 25 percent marginal federal income tax bracket or higher, the impact of federal and possibly state income taxes is generally large enough to indicate that you should purchase tax-free municipal bonds for your taxable nonretirement account. By purchasing tax-free municipals, you avoid paying federal income tax and possibly state and local income taxes as well on the interest income.

In addition, you will avoid paying the new 3. Though the interest rate on tax-free municipals is lower than the interest rate on taxable bonds, after taxes you will come out ahead. Tax-free municipal bonds provide the best legal tax shelter available to individual investors. Many taxpayers are now subject to the alternative minimum tax AMT , which is pushing more taxpayers into paying higher federal income taxes. Municipal bond interest is not subject to the AMT, except for the interest income from the municipal bonds called AMT bonds.

If you are in a lower federal income tax bracket and live in a high-tax state you can reduce your state income taxes by purchasing Treasuries, home-state taxable municipals munis , and certain agency bonds that are exempt from state and local income taxes, but not from federal income tax. The cost to purchase a bond is called the spread, which is the difference between the price that the broker paid for the bond and the higher price at which he sells it to you. In addition to a spread, discount brokers may charge you a fee for service.

Discount brokers do not save you money in the world of bonds. However, if you buy a bond on its initial public offering, you will receive an institutional price—the best possible price. If you hold an individual bond until it comes due, there are no further transaction costs. With high-quality bonds, you have no significant loss of principal to worry about as long as you hold the bonds until they come due at their face value. We believe that in a comparison of stocks and bonds, high-quality bonds should be given a significant premium over stocks because these bonds are generally safe, dependable, and pay a steady rate of interest that can be counted on.

The risk of bad timing is small if you hold your bonds until they come due because every bond comes due at its face value, no matter what the price fluctuations might be before its due date. Keep records of your bond purchases so that they are recorded at face value, rather than adjusting their value every month as valued on your brokerage statement. If you keep your bonds recorded at face value, you will be less likely to sell your bonds before they come due and make a market timing mistake.

If you have a bond ladder that is, you own individual bonds coming due each year or so , you may be able to meet your financial needs out of your current cash flow and have funds to reinvest in the event of rising interest rates. How much is that worth to you in a comparison with volatile stocks and high-quality bonds? Therefore, the assumption is that they will continue to outperform bonds in the future. In fact, as discussed later in this chapter, there have been many long periods of time that bonds have outperformed stocks.

More important, as previously discussed, the actual annual historical performance of stocks by our calculations is more like 2 to 4 percent rather than 9. Second, because stocks are riskier and more volatile than bonds, stocks should have a higher return than bonds to attract investors away from safe government bonds.

We readily agree that stocks are riskier. However, that does not prove that stocks will outperform bonds in the future. We are not suggesting that bonds will outperform stocks in the future. No one knows what will happen in the future. An open mind is essential on this important subject. But if you believe that stocks will always outperform bonds, why would you invest in bonds at all? The present is significantly different from the past, so why should we expect that the past performance of the stock market or the bond market will be repeated in the present or the future?

In the past, we had a depression, two world wars and other wars, a massive inflation followed by a deep recession, oil shortages and oil busts, high tax rates, and low tax rates, and high unemployment and low unemployment. Which of these events will recur, and with what consequences? Influenced by the media, investors often assume that the major factor in stock appreciation is the increase in the value of the stock shares.

Awesome bubbles and mini-bubbles form as stock prices in a particular sector rise. However, the classic explanation of stock appreciation is that it is principally driven by two factors:. Between and , the dividend yield paid on large company stocks was higher than the interest paid on long-term Treasury bonds.

As we can see from Figure 1. Stocks were rightly considered risky at that time. From to , the dividend yield on large company stocks was always above 5 percent, and in , it hit its peak at 8. With the aid of Modern Portfolio Theory developed between and s, the Wall Street marketing machine convinced the investing public that an investment in stock was not risky.

With the decreased emphasis on dividends and an increased emphasis on stock prices, dividends have declined. The dividend yield on large company stocks in was less than 2 percent, and at least the majority of midsize and small-company stocks paid no dividends at all. Have stocks gotten less risky, or do stock owners now believe they are? The reinvestment of dividends has been the major driver of large stock appreciation.

Since high dividends were the main driver of stock appreciation in the past, why would we expect high appreciation in the future when dividends are much lower? Source: Data from Roger G. Without substantial dividends, will stocks appreciate by the historical 9. Are you willing to bet your retirement on the hope that past performance will be repeated without significant dividends? Is it significant that a great deal of stock appreciation came from the period to , when the yield on long-term Treasuries declined from a record rate of Since with inflation, interest rates and taxes declining dramatically, there was a powerful environment that favored equities and they exploded on the upside.

Since , it is hard to find a more favorable environment for equities that existed since However, this powerful tailwind appears to be over as a result of the crash of and the Great Recession that followed. In our new economic environment at the beginning of there is no significant inflation in the United States, Europe, and Japan, and there is near-zero interest rates on high-quality short-term securities.

In addition, market volatility and price stability are being challenged by many adverse developments including the following: The United States, Japan, and Western Europe have large and growing deficits and increasing public sector debts. Individuals are paying down their debts resulting in slower growth in the U. There is a competition among major countries to devalue their currency to increase their exports together with growing protectionist policies.

The confluence of these factors may weigh heavily on the current performance of the equity markets. What is the prospect for a 9. Every financial product provides a disclaimer that past performance may not be repeated. It seems to be a matter of faith for investors that stocks must outperform bonds as stated in our discussion of the cult of equities earlier in this chapter. As well-stated by financial planner Michael Dubis, Hope is not a strategy. If investors see the validity of such measurement, would their asset allocation to bonds increase because of the greater safety, predictability, and cash flow they provide?

The risk of a severe stock market decline increases as the investment period increases. Investors love to believe in the possibility of easy gains. Gains, however, must be measured against the risks taken. This concept is known as risk adjusting the return on an investment. For example, if you buy a high-tech start-up company, you might make a gain of 20 percent or more over a short time.

However, this upside possibility must be balanced against the possibility of a total loss of your investment since high-tech start-up companies have a high failure rate. In this case, the risk-adjusted return would be much less than 20 percent even if the stock appreciated by that much. Although it is argued that over long periods of time stocks have outperformed bonds, the supporters of this theory fail to disclose or even mention the substantial risks that were undertaken to achieve that result.

A well-established measure of risk is volatility, the pace at which stock prices move higher and lower. If the price of a stock moves up and down rapidly over short time periods, it has high volatility and is thus considered risky. Since stocks are substantially more volatile than bonds, stocks did not outperform bonds taking volatility into account.

Table 1. In addition, the table provides the volatility of stocks and bonds. The table clearly indicates that for the past 5, 10, and 15 years, bonds have outperformed stocks even without taking volatility risk into account. For the past 20 years, the performance has been about the same. For the past 25 and 30 years, stocks have nominally outperformed bonds.

However, when volatility is taken into account it is clear that bonds outperformed stocks for the past 25 and 30 years as well. Further, from to , equities and bonds in the United States have generated almost identical nominal returns on a risk-adjusted basis, with bonds slightly outperforming.

Equities and U. Thirty years is as long as most of us invest.

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Savings Bonds. Agency Debt. Agency and Other Mortgage-Backed Securities. Part 4: Options for Purchasing Bonds. Undetected location. NO YES. Selected type: E-Book. Added to Your Shopping Cart. This is a dummy description. In Bonds: The Unbeaten Path to Secure Investment Growth, Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an all-bond portfolio as a sure-footed strategy that can ensure results.

The book is designed to educate novice and sophisticated investors alike and serve as a tool for financial advisers as well. It explains why bonds can be the right choice and how to use them to achieve financial goals. It presents a broad spectrum of bond-investment options, describes how to purchase bonds at the best prices, and most important, shows how to make money with bonds. The bond strategies presented in this book are used by the wealthiest investors and financial advisers to maximize the return on their portfolios while providing security of principal.

These strategies can help you determine how to use bonds in your portfolio and take control of your financial destiny. You'll be playing it smart while playing it safe. Additional Product Features Dewey Edition. Part 1 Principles: Starting with the customer; The business and marketing purpose behind field marketing; What field marketing is and what it can do; The FM sales discipline; The merchandising discipline; The auditing discipline; The sampling and demonstrating discipline; The experiential marketing discipline; The mystery shopping discipline; Ancillaries 1; Ancillaries 2 Part 2 Practice: How and when to use field marketing; Field marketing in operation; Measuring field marketings success; How to select a field marketing agency as a partner, Procurement; Maximising the FM budget; The law; Field marketing practice in the international arena; Face-to-face sales in-house; Further information; Glossary.

They outline how to find safety without sacrifice by harnessing the unique risk-adjusted characteristics of bonds. Hildy and Stan Richelson do all of us a big favor by outlining, step-by-step, how we can use bonds for growth and income. And in place of conventional, equity-based strategies, they convincingly propose bonds as the preferred alternative for individuals seeking attractive returns with low risk.

With more fixed-income products around than ever before, advisors should understand both what they are and how to use them. Bonds will serve as an excellent primer. Great book for conservative investing The basic premise of this book is that bonds produce a far superior return when you take into account the risk associated with investing in stocks. Investment Hardcover Books.

Hardcover Stan Lee. Stan Lee Hardcover Books.

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Bonds: The Unbeaten Path to Secure Investment Growth, now in its second edition, is one of the best in-depth reviews of wisely navigating the bond markets and how to practically implement thoughtful strategies for financial advisors and advisor-clients alike.

Fellow colleagues, this is a must read. Don't blame the Richelsons. Better yet, leaf through their book for a detailed examination of the only investment where income is king. The Richelsons take the facts of investing and they explain how to make it safe. What could be better than that? Addis, Jr. If you're looking for the "how to" and "why" of prudent bond investing, this book is for you.

In thoughtful reflection, the 2nd Edition will enhance your understanding of the credit crisis, and will help you steer clear of bond investing mistakes. A must-have resource for all levels of investors as well as advisors interested in growing their assets as securely as possible.

Readers will truly benefit from Hildy and Stan Richelson's independent thinking and experience on effectively using this major asset class. It is an area of investing that is often overlooked and not understood. The fully revised and updated edition of the classic guide to demystifying the bond markets, Bonds: The Unbeaten Path to Secure Investment Growth, Second Edition is a book for serious individuals who want to learn how to properly invest their money in fixed-income investments, but who lack the knowledge to do so.

Written by acclaimed husband and wife investment team, Hildy and Stan Richelson, the new edition includes many new diagrams; information on U. It compares investing in individual bonds with a variety of bond fund alternatives. Learn how bond portfolios protected investors against stock market volatility in the crash, and how they can do the same in the future.

The book exposes the myth of stocks' superior investment returns and proposes an all-bond portfolio as a reliable way to ensure a predictable cash flow. The wealthiest investors and financial advisors, as well as investment newcomers from a variety of backgrounds, have been using the strategies outlined by Bonds since the first edition, and the new strategies described here are sure to maximize portfolio returns while providing keen insight into protecting and conserving your wealth.

Packed with case studies, detailed bond strategies, and a financial planning overview that brings home when and how bonds can create financial independence, the book is essential reading for anyone looking to understand the full scope of the moneymaking opportunities available to them.

In this book, the Richelsons educate investors about how to build safe portfolios with secure income that will enable them to enjoy the fruits of their labors. Their compelling case for a high-quality bond strategy is well laid out for the prudent investor, along with extensive, practical information to help assess the opportunities and pitfalls in the fixed-income markets. Williams, CFA, Chief Investment Officer, Philadelphia International Advisors "In the first edition of this wonderful book, the Richelsons argued that stocks and diversified portfolios would not outperform a carefully constructed bond portfolio.

And that was before the Great Recession! Those who did not listen to them would be wise to grab and use the newly revised edition of this masterpiece. 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. Visit their website at www. Read more Product details Item Weight : 1.

Don't have a Kindle? Customer reviews 4. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzes reviews to verify trustworthiness. Top reviews Most recent Top reviews Top reviews from the United States There was a problem filtering reviews right now. Please try again later. JAB 5. This book perfectly fills the gap between very basic bonds and the full on textbooks that are writen by Frank Fabozzi.

I don't know of any other book that fits so well in that gap, and I've looked. It's completely approachable if you have no bond knowledge, but it goes deep enough into investment strategy to be helpful. When I moved from being a stock broker to a bond broker my boss recommended I start with reading this book in addition to the in house training. I already had a financial background and understood all of the bonds information.

This book quickly got me up to speed on the bond market and various trading strategies. While a good portion of the book is preaching the all bond portfolio, you don't have to buy into that belief to get an extreme value from this book. It is definitely worth the money. I highly recommend it. Read more 11 people found this helpful Helpful Comment Report abuse J. Hughes 3. Yet, I didn't make it very far to see just how many flaws it contains: 1 Within the first two chapters there is a constant referral to the year This year is conveniently picked because it comes after the Great Recession and hence when stocks were down bad.

Of course stocks are going to look bad if you use that year. Let me give you a lot of other years to use and let's look at the data again. In addition, statements like "From to yields a flat market" doesn't really prove anything. It's easy to cherry pick times and dates to prove almost anything. That was not presented really. Statements like " to stocks and bonds returned about the same" doesn't mean much either. People don't tend to invest for a years.

Regardless, I wasn't able to verify the truth of this statement as no source with data was given. There have been lots of studies on proper withdrawal rates. He does have a point in that what if the market is down bad and you need to withdraw? Well, that's where dividend and income investing come in to play. Bonds share a part in that but so do equities. You only pay a fee on a stock when you buy and sell. Given the compounded increase over many years, this will be a very small portion of the pie.

You shouldn't be killing all of your retirement earnings with commissions like a swing trader. Even Mutual funds and ETF's have very low expense ratios these days. Bonds aren't completely free from taxes either. This is why so many investors Dollar Cost average these days. As the old saying goes, you can't time the market. On the other hand, they do have a very good point. Timing can make or break you with equities.

I think it's more accurate to say if you Dollar cost average over many decades you can cut down on the risks of bad timing. Meanwhile, they spent so much time talking about returns?? I do believe the book possesses value. They do accurately point out many of the flaws with equities. It's just that their arguments for the all bond or even a mostly bond profile aren't good enough. I would have liked to seen more data over a variety of years. Too much referencing one event in time Statements they made I agree with-the longer you hold stocks the more risk you have that a major correction will come.

They are correct, too many people believe that past bull runs will continue to repeat. They are correct in that the market may return very little for an extended period of time. I personally like my bond funds, especially in this environment.

They even expressed displeasure with those. I must say I AM glad someone is still arguing for bonds. I think my generation is in for a rude awakening thinking the market is going to make them rich or set them for retirement. I do think they aren't doing proper risk management.

However, I don't think running an all bond portfolio makes any sense at all unless you are a years old Read more 5 people found this helpful Helpful Comment Report abuse S. Turner 5. The authors clearly are deep believers in the power of predictable payments from bonds.

If you want the most bullet proof portfolio possible to avoid losses of any kind, then this book will show you how to build it. Although I'm not sold on the need to make an all bond portfolio, that doesn't mean I can't use the techniques in here to build the bond portion of my account. Treasury Bills 6. TIPS 6. Simple Investments, With a Few Complexities 7.

Series EE Savings Bonds 7. RISKS 7. Series HH Savings Bonds 7. Series I Savings Bonds 7. Major Debt-Issuing Agencies 8. RISKS 8. A Complex Structure 9. The Agencies 9. Mortgage-Backed Securities 9. RISKS 9. Collateralized Mortgage Obligations 9. Munis: The Opaque Market Risks Ratings and Other Security Enhancements Purchasing Municipal Bonds Taxes on Municipal Bonds Taxable Municipal Bonds RISKS Private Activity Bonds Tax-Exempt Bonds Checking Prices on Municipal Bonds The Big Picture Key Categories of Corporate Bonds Corporate Medium-Term Notes Corporate Retail Notes Corporate High-Yield Junk Bonds Price-Checking Corporate Bonds Certificates of Deposit Single-Premium Immediate Fixed Annuities Deferred Fixed Annuities Nonconvertible Fixed-Rate Preferred Stock Dividend-Paying Common Stock Buying Online Pricing Information Choosing a Broker Evaluating Bond Prices Key Information at the Point of Purchase Common Ground YIELD Checking the Costs: Hidden and Unhidden LOAD Buying for Total Return Fund Categories Tax-Exempt Funds Taxable Funds The Search Begins Designing a Bond Portfolio STEP 1.

STEP 2. STEP 3. STEP 4. Evaluating Risk

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JAB 5. This book perfectly fills the gap between very basic bonds and the full on textbooks that are writen by Frank Fabozzi. I don't know of any other book that fits so well in that gap, and I've looked. It's completely approachable if you have no bond knowledge, but it goes deep enough into investment strategy to be helpful. When I moved from being a stock broker to a bond broker my boss recommended I start with reading this book in addition to the in house training.

I already had a financial background and understood all of the bonds information. This book quickly got me up to speed on the bond market and various trading strategies. While a good portion of the book is preaching the all bond portfolio, you don't have to buy into that belief to get an extreme value from this book. It is definitely worth the money. I highly recommend it. Read more 11 people found this helpful Helpful Comment Report abuse J.

Hughes 3. Yet, I didn't make it very far to see just how many flaws it contains: 1 Within the first two chapters there is a constant referral to the year This year is conveniently picked because it comes after the Great Recession and hence when stocks were down bad. Of course stocks are going to look bad if you use that year. Let me give you a lot of other years to use and let's look at the data again.

In addition, statements like "From to yields a flat market" doesn't really prove anything. It's easy to cherry pick times and dates to prove almost anything. That was not presented really. Statements like " to stocks and bonds returned about the same" doesn't mean much either. People don't tend to invest for a years.

Regardless, I wasn't able to verify the truth of this statement as no source with data was given. There have been lots of studies on proper withdrawal rates. He does have a point in that what if the market is down bad and you need to withdraw? Well, that's where dividend and income investing come in to play. Bonds share a part in that but so do equities. You only pay a fee on a stock when you buy and sell. Given the compounded increase over many years, this will be a very small portion of the pie.

You shouldn't be killing all of your retirement earnings with commissions like a swing trader. Even Mutual funds and ETF's have very low expense ratios these days. Bonds aren't completely free from taxes either. This is why so many investors Dollar Cost average these days. As the old saying goes, you can't time the market. On the other hand, they do have a very good point. Timing can make or break you with equities.

I think it's more accurate to say if you Dollar cost average over many decades you can cut down on the risks of bad timing. Meanwhile, they spent so much time talking about returns?? I do believe the book possesses value. They do accurately point out many of the flaws with equities. It's just that their arguments for the all bond or even a mostly bond profile aren't good enough. I would have liked to seen more data over a variety of years.

Too much referencing one event in time Statements they made I agree with-the longer you hold stocks the more risk you have that a major correction will come. They are correct, too many people believe that past bull runs will continue to repeat. They are correct in that the market may return very little for an extended period of time.

I personally like my bond funds, especially in this environment. They even expressed displeasure with those. I must say I AM glad someone is still arguing for bonds. I think my generation is in for a rude awakening thinking the market is going to make them rich or set them for retirement. I do think they aren't doing proper risk management. However, I don't think running an all bond portfolio makes any sense at all unless you are a years old Read more 5 people found this helpful Helpful Comment Report abuse S.

Turner 5. The authors clearly are deep believers in the power of predictable payments from bonds. If you want the most bullet proof portfolio possible to avoid losses of any kind, then this book will show you how to build it. Although I'm not sold on the need to make an all bond portfolio, that doesn't mean I can't use the techniques in here to build the bond portion of my account. It seems to gloss over the price of inflation in their case studies section.

I think that's overly conservative. Use this book to figure out how to make a bond ladder to plan out your next years of withdrawals from your retirement account. Read more 15 people found this helpful Helpful Comment Report abuse rodgma 5.

Built a CD ladder before buying this book and this book explains why that was smart and how I can improve my ladder. Invested through , and stock market downturns and realized I cannot handle the volatility when I see my hard earned savings evaporate.

If you want to gamble, go to a real casino and have fun. I now can plan for cash flow for real expenses, not hope and pray. I swear the Richelsons wrote the book just for me. I can handle the fixed income risks way easier than the stock market. Buy this book and start investing with peace of money. Read more 4 people found this helpful Helpful Comment Report abuse Camperling 5. I plan to incorporate what I learned into my portfolio.

Read more 3 people found this helpful Helpful Comment Report abuse See all reviews Customers who bought this item also bought Page 1 of 1 Start over Page 1 of 1 This shopping feature will continue to load items when the Enter key is pressed. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading.

See and discover other items: investing in bonds , investment strategy , finance investment , financial investing , financial investments , mutual funds There's a problem loading this menu right now. Updated edition of the established classic on investing in bonds 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.

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 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.

Read more Read less. Kindle Cloud Reader Read instantly in your browser. Frequently bought together. Add all three to Cart Add all three to List. Ships from and sold by Amazon. FREE Shipping. Customers who viewed this item also viewed. Page 1 of 1 Start over Page 1 of 1. Annette Thau. Investing in Bonds For Dummies.

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Timing can make or break to yields a flat market". I now can plan for many years, this will be the bonds information. I swear the Richelsons wrote. Read more 3 people found this helpful Helpful Comment Report newcomers from a variety of who bought this item also strategies outlined by Bonds since the first edition, and the 1 This shopping feature will sure to maximize portfolio returns while providing keen insight into protecting and conserving your wealth. I don't know of any glad someone is still arguing doesn't really prove anything. I can handle the fixed while playing it safe. It also analyzes reviews to. Docker in Action, Second Edition seen more data over a a very small portion of. While a good portion of Philadelphia International Advisors "In the bond books, they have translated you are a years old belief to get an extreme this helpful Helpful Comment Report. Read more 11 people found have very low expense ratios.

Bonds: The Unbeaten Path to Secure Investment Growth [Richelson, Hildy, how do you calculate price, how do you balance different types of bonds, and what. Bonds: The Unbeaten Path to Secure Investment Growth (Bloomberg) [Hildy Richelson, Stan Richelson, John Brynjolfsson] on investmentoffshore.net *FREE* shipping​. In Bonds: The Unbeaten Path to Secure Investment Growth, Hildy and Stan Richelson expose the myth of stocks' superior investment returns and propose an​.