This book, like prior editions, is intended to be a complete introduction to the bond market and to the different types of investments in bonds: individual bonds, as well as different types of bond funds. There is virtually no section of this book that has not been heavily or totally rewritten. My emphasis has been on changes that have occurred since the 2000 edition. One of the more important changes is that investors can now access a great deal of information, such as pricing data, that in the past was available only through brokers. That information is available on the Internet, and it is free. In addition, all chapters on individual securities include new information. The chapters on bond funds have been totally rewritten. They include a detailed analysis of the performance of all types of bond funds, during and since the financial panic of 2008, as well as ten-year returns through December 2009. There is also a new section on bond exchange-traded funds (ETFs) as well as an expanded section on closed-end bond funds. This book is divided into four parts. The first part is introductory, and it is basic to understanding everything that follows. It explains the fundamentals of bond investing, including the basic vocabulary of bond investments; how bonds are brought to market and sold; bond pricing and markups; how to research the price history of bonds; why the price of bonds (and bond funds) goes up and down; key concepts used to measure bond returns; and much more. That part of the book should be read first, in entirety. The second part of the book discusses individual securities: Treasuries, munici¬pal bonds, corporate bonds, GNMAs and other mortgage-backed securities, and international bonds. One chapter is devoted to each security. The third part of the book analyzes the major types of bond funds: open end mutual funds; as well as closed-end bond funds and the newest kids on the block, ETFs. The fourth part of the book deals in a more general way with the management of bond portfolios. Parts 2, 3, and 4 may be read in any order desired. While much of the material in the book is new, my initial orientation remains the same. This book assumes little or no knowledge of any bond investment, but it explains the critical information required to buy any security, be it a Treasury bond, a municipal bond, or a bond fund.
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