5 comments about The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders.

1. The author did an immense amount of work and packed it into a piece that reads fairly well for such a topical historical account. This is one of the more important stories to understand in light of today's issues. The rise of the Junk Bond raiders isn't just the rise of the Junk Bond era, it is the rise of how this type of debt made it to market and took off. It is a story that explains what- despite all of the news in the press against sub-prime - the purpose of this type of debt is (outside of lining the pockets of deal makers).
   
   I give the book huge kudos for its account and agree that it should be on the reading list for all those trying to understand the market dynamic.



2. It was a very difficult slog trying to get though this hacked up piece of writing. While the subject matter is of immense historical importance on a memorable era of Wall St, they could not have chosen a worse author. Bruck has done a commendable job gathering all the information and sources and I couldn't argue her expertise on this subject. But that does not translate into a good story.
   From one paragraph to the next it is impossible to discern which character plays an important role as virtually every name is explicitely introduced no matter how minor their role or statement.
   I can see that any editor would not even try to change the work, and probably threw their hands up in the air in surrender. The whole work would have to be scrapped and written from scratch to become a gripping story, the likes of "When Genius Failed".
   The book reads like a completely disjointed collection of factoids, not a smooth flowing story, slowly revealed. You never know where you are in the timeframe of events as the author jumps around.
   
   A surprising number of the sentences are nothing but pure hackney:
   Take this example of two "had hads" in one sentence:
   "Drexel investment banker James Schneider, in the firms San Francisco office had had workouts on his mind through most of 1981, since ACI was his deal and he had had the responsibility for trying to salvage it."
   
   Is that the best way you could explain it? Probably greater than half of all the sentences are awkward like this. This book easily wins the all-time record for excessive "had hads"; They show up page after page.
   
   In addition as others have mentioned, certain concepts or securities are not well explained and unless you are already a true expert you may not recognize or understand them.
   
   A great subject, great research, done by a very poor writer, making it a miserable read.



3. In this book, Connie Bruck describes the rise and fall of Michael Milken, a man who singlehandedly built the junk bond empire of the 80's. Junk bonds are bonds with a low credit rating (below investment grade), issued by firms at very high interest rates to compensate the investor for the higher chance of default. In mid and late 80's, these bonds were used heavily to finance large corporate takeovers, completely changing the landscape on Wall Street.
   
   The book is split into three major parts: Spreading the Gospel, Pawns Capture Kings, and The Zenith and the Fall. The first part describes Milken's background and how he became involved in the junk bond business. While at UC Berkeley, Milken came across a study by W. Braddock Hickman, which found that a low-grade bond portfolio, if very large, well diversified, and held over a long period of time, was a higher-yielding investment than a high-grade portfolio. Milken became fascinated by this idea and started his career as a bond trader at Drexel in the early 70's, while finishing his business degree at Wharton. The rest is history: throughout the next twenty years, Milken essentially took over Drexel and had unlimited reign over not only the firm, but essentially all of Wall Street (ironically, from his Beverly Hills office in California).
   
   In the second portion of the book, Bruck describes how Milken created and supported the corporate raider culture. Bruck presents three case studies. The first is about Nelson Peltz and Peter May, who took over National Can. Peltz is arguably Milken's most amazing transformation - he created a corporate raider out of nobody. The second case, the most interesting one, is about Carl Icahn and his acquisition of TWA. Icahn went from quick profits through greenmail (threatening to buy a company - and then being bought out at a premium) to actually buying companies. With TWA, he used incredible negotiating tactits and made deals with unions behind management's back, which ultimately let him take over the firm. Icahn was very independent from Milken, unlike most of Milken's corporate raider ¨pawns.¨ The third case is about Ron Perelman and his epic battle for the prestigious Revlon.
   
   The last part of the book dwells on just how powerful Milken and Drexel had become. The junk bond market had grown over one decade from $15B to $125B at the end of 1986. Since the 80's saw very low default rates and a tremendous bull market, Milken's empire worked very well - there was nothing to challenge it. Milken perpetuated his machine by overfunding each deal, giving raiders extra cash that they would then have to invest back into junk bonds (so as to cover the carrying cost of the debt) - in this way, Milken made sure there was always a growing market for his junk bonds.
   
   If you were not one of Milken's clients (and sometimes, even if you were), you trembled in fear, waiting for a corporate raider to emerge with a 13D filing, stating that he owns more than 5% of your company's stock. In some cases, Milken directly threatened companies, forcing them to do business with Drexel (as in the case of Wickes). Even legislation failed to stop corporate raiders. While the Fed created some rules restricting the use of debt in hostile takeovers, they were easily bypassed through shell companies and preferred stock (which generally acts as debt).
   
   Bruck did an excellent job with this book. It is very thorough and interesting to read. It is amazing to see all the details of these various deals and take-overs. While it is clear that Bruck looks down on Milken's actions, she tries to stay objective - and makes comments like ¨this reporter views this practice as extortion.¨ In the Afterword, she furthermore makes a case for some of the positive things that Milken has achieved, such as providing funding to companies that couldn't get it elsewhere, and creating stronger leaner firms.
   
   My biggest gripe with the book is that it feels very unfinished. Bruck barely mentions the RJR Nabisco deal, in which Drexel was a big player. She also doesn't describe what happened to Milken after charges were brought against him by the SEC (including his jail time, etc.). She doesn't talk about Drexel's collapse, and she claims that the effects of Milken's machine will only be seen many years from now, when some of the long-term junk-fueled debt comes due. I understand that the book was written and published immediately after Milken's fall. However, it has been almost twenty years since that, and a new edition would surely add a lot to the story.
   
   In conclusion, I really enjoyed the book. It is a great read for anyone interested in Wall Street history of the 80's. While it may feel unfinished, it provides amazing detail on the rise of Michael Milken and his corporate raiders.
   
   Pros:
   + tremendous amount of detail, from characters to numbers
   + great use and definition of finance terminology
   + exciting story, filled with funny anecdotes and breathtaking accounts of corporate battles
   + covers not only Milken, but several other characters, including the major corporate raiders
   
   Cons:
   - feels unfinished: could really use another edition with further history on Milken and Drexel



4. The Savings & Loan scheme was a creation of Michael Milken and his firm Drexel Burnham. They realized they could sell high risk securities to S&Ls while assuring the S&Ls (correctly) that being FDIC insured they could not lose.
   
   The ultimate cost to the taxpayers (which is to say the Middle Class) was some $150 billion.
   
   Charlie Keating as noted in the "Predator's Ball", when Keating tried, repeatedy, to contact Milken to be part of his group, Milken's secretary would just say: "You are not a Jew" and hang up on him.
   
   This is a very honest book about life and how ethnicity on WALL STREET matters!



5. This author presents a thorough and conclusive account of Mike Milken. The level of depth she was able to provide here is really impressive.

5 comments about Bonds Now!: Making Money in the New Fixed Income Landscape.

1. This bond book is the 2nd one I've purchased recently. It has some examples of how things went wrong in the crash of 2008 and how to invest wisely to minimize the chances of losses in the bond market should another crash occur. I recommend it for that reason. However, like many stock books that talk exclusively about their own subject, this book is very focused on bonds. It seems like we could use a book that talks more about combining stocks with bonds investment strategies and provide guidance on blending the two to create a safe and reasonably secure retirement portfolio that includes the benefits of stock and bond diversification.
   
   Also, bond books, in general, do not really discuss the time scale of interest changes, and this book doesn't exactly cover this topic that well either. The time scale goes back ~80 years to a time just after the great depression when interest rates were as low as they are today. This book doesn't really talk about optimal strategies on managing money in the face of such low short term interest rates as we faced then and are facing today. I still strongly recommend the book purely for it's coverage on how to choose bonds that are fully liquid and why that is important as well has how to diversify the bonds and why that is important.
   
   I strongly recommend the book.



2. I was interested in this book until I read the "reviews". Let's see, an obscure bond book is published on December 9 and within a few days six "reviewers", none of whom have ever previously posted a review on Amazon post syrupy ravingly positive but highly generalized "reviews" that sound like advertising copy written by the publisher. I smell (six) ringers here and if the publisher needs to resort to this kind of phony behavior I bet the book's a dud so I'll pass on it.



3. The book was damaged during delivery. The seller did a refund for me and let me return the book.



4. Before the 2008/2009 financial meltdown all of my investments were equities. After that smack in the head I realized I needed to add bonds to my portfolio to spread risk. I began searching for information on how to purchase bonds and what strategies to follow, researching various publications without much of a sense of confidence.
   
   I recently acquired Bonds Now! My questions have been answered. Marilyn Cohen and Chris Malburg have provided a user-friendly guide with step-by-step instructions for buying bonds.
   
   Bonds Now! is a must-read for anyone who wants to build or expand a bond portfolio. The book is enjoyable and highly informative. Congratulation to Marilyn and Chris for having explained a complex subject in simple terms.



5. The world of Bond Investing has changed dramatically in the last two years. You must read this book to understand what those changes are, how to make use of new information sources and to revise your investment strategy to align with the new risks facing bond investors. Her previous book, The Bond Bible, was my primary reference until this book was published. Believe what she says. The book is easy to read, provides excellent ideas and gives valuable information so you can balance the risk/reward in your portfolio.

5 comments about Bonds: The Unbeaten Path to Secure Investment Growth.

1. I was really looking forward the reading the argument for having most or all of my investment assets in bonds. After reading this book I was disappointed. A coherent argument was never made. Since the authors claim to be experts in their field (financial advice), I have to assume that they have no basis for their argument. This book was more of a marketing piece than a helpful guide to building a bond portfolio.



2. As a recent investor I was interested in learning about bonds. As a beginner reading this book allowed me to understand about the variety of bonds available, why to invest in a particular bond and how to best purchase them.



3. Whatever you want to know about Bonds and then some is in this book. If you are going to invest in the Bond market whether through funds or indiviudal Bonds you need to read this book.



4. I thought bonds would be a way to diminsh risk in my portfolio. The book makes a case for an all bond portfolio. Richelson manages money for the rich, but gives us a strategy of getting into bonds. I think richelson is very conservative. He leads you to the safe bonds. There are serious pitfalls out there. The average stock broker knows nothing about bonds and will likely give us bad advice. The book lists great sites for investing in bonds and making sure that you are buying at a competative prices. See investinginbonds.com- a great nonprofit site listing the current market in bonds. (I like using Vangard brokerage- you can see the various bond issues that are being offered) The main weakness of the book is how to divide your portfolio into corporate bonds, munis, TIPS, CD's etc. He does give strategies during high inflation or deflationary situations. This book has alot experience behind it. Richelsons did a tremendous job of demystifying an important part of portfolio that is deliberately ignored by brokers. this is a must read.



5. If you expect to earn most of your retirement funds from your work rather than from investing in the stock market, Bonds--The Unbeaten Path to Secure Investment Growth, is for you.
   
   Hildy and Stan Richelson have told clients for years that they will earn more from a portfolio of bonds rated A or higher than from equities. Today's markets reinforce their position, but the book is worthwhile at any time, under any market conditions.
   
   It is totally readable, with clear explanations of how bond markets operate, concise descriptions of different bonds and the relative merits of each bond for your objectives. Read it cover-to-cover, then keep it handy as a reference on every bond you are likely to encounter--or for those moments when you just can't remember how TIPS adjust for inflation.

4 comments about Interest Rate Swaps and Their Derivatives: A Practitioner's Guide (Wiley Finance).

1. The book is excellent with good balance of math and conceptual common sense. The book shows me the framework for instrument pricing via replication. With it, I can theoretically price any derivatives in the world which is quite powerful idea. A great book for people who want to learn pricing wide ranges of derivative products.



2. Comparing with other books on swap subject, this book offer a good balance between clearness of the concepts and just enough technical details to handle the real world problem. Reading this books is like attending a seminar taught by senior quantitative trader, it really filled the gaps in my knowledge.



3. There are loads of books on the theory behind derivatives pricing - this book is unique in that it identifies and clearly explains the important practical aspects of these markets, including the jargon and conventions. Even after 20 years in the industry, this book completed many gaps in my knowledge base. It fills an important gap between the Handbook of Fixed Income Securities and Options, Futures and Other Derivatives.



4. The book fills a great niche in between very simple overviews and the very mathematical oriented work. If you need to know things like day counts for different indices, CMS convexity adjustments and a general overview over the different measures used to price derivatives, the different interest rate models etc. this is the book to own.

5 comments about The Bond Book: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More.

1. This book is fantastic!
   
   After reading general websites and academic topics on the matter, I was actually looking for a book that would not just focus on the math and tackle real life bond trading. This book will teach you how bonds really work, what drives their prices and what to look for when speculating or investing on them.
   
   Overall great read.
   
   Thanks to the Author for providing us with such a precious gem.



2. It is exceptional good book for bond. I recommend it for any body who will be interested on bond.



3. + A good introduction to understanding the bond market and how to invest in it. Clear, succinct and more readable than some more technical books on the subject. However, The Bond Book is a bit dated, the second and latest edition is from 2000, it's in need of an update. Overall this is a good first choice as a primer if you're not too concerned about the latest developments in bond derivatives.



4. A great introduction to bonds and there place in a portfolio. The perfect place for the individual to start if they are considering purchasing individual bonds for their portfolio.
   
   However, anyone looking for more in-depth information and strategies will likely be disappointed. Relatively little information about Zeros, TIPS and other products that are likely to be of interest. Start here, and then increase your knowledge with a title specific to your interests (i.e. municipal bonds, etc.).



5. I ordered this book for my business library. I enjoyed the book, but if you want more specifics on the methods of detailed bond calculations, I would recommend a good financial investments text book.

5 comments about Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques (Frank J. Fabozzi Series).

1. The guy next to our office was working with AFT/Intex and doing some ABS/MBS modeling. He did some presentation on the subject, but I didn't understood a word he spoke. However, the product looked interesting. So I decided to check it out in this book.
   
   I have to say it is presented very nicely. I only read about 3/4th of the book. I have not used the knowledge for anything yet. So I cannot say how much it has helped me. But the topic is clear and well presented.



2. Compared to other books and especially handbook of mbs this book has very uniform treatment you don't feel like it is a collection of articles written by different people. The subject is discussed with detail and flow which will allow a person to put it in practice. Have not read the book from cover to cover yet but whatever random parts I read I got answers to questions I had been having for quite sometime.



3. A well-written, easy-to-follow book that serves as a fantastic addition to any fixed income or real estate curriculum. Those already in or looking to enter the mortgage securitization business should have the information contained in this book as part of their arsenal.



4. I think this book is the new gold standard for MBS. Unlike previous MBS books I have read, this one flows well from chapter to chapter and can actually walk someone new to the field through collateral, structuring and valuation in a logical manner. Excellent job!



5. The book provides a very complete overview the residential mortgage-backed securities market and is written by two gentlemen that were arguably at "the center of the storm" at Countrywide Securities.
   
   The book is structured nicely taking the reader from a general overview of the MBS market to a detailed look of the process of securitization through to investing in the end securities.
   
   The chapters dedicated to the structuring and credit enhancement techniques of residential ABS deals a particularly useful to people just entering the current market. The unique perspectives on measuring loan performance and influences on collateral prepayments are also very useful reading.
   
   All in all a must read for those beginning in the industry and a great reference for those of us that might have forgotten a few things.

5 comments about The Only Guide to a Winning Bond Strategy You'll Ever Need: The Way Smart Money Preserves Wealth Today.

1. Book was in great shape. Good delivery - book itself was very understandable - not to detailed but great advice. Good transaction.



2. Not only is this Kindle edition high priced but it lacks a usable table of contents, severely limiting navigation within the book.



3. In this era of record low interest rates bonds may not be a great investment, but bonds are a huge asset class and no matter what your investment strategy is, it is important to understand them. One could argue that the design and sale of bonds such as Mortgage Backed Securities played a critical role in the 2008-2009 recession. The authors do a fine job explaining the basics. They go through various types of bonds such as TIPS, I bonds, Municipals, Treasuries, and Corporate bonds.
   
   Aside from dry and repetitive writing I was disappointed with the book on two separate fronts. First, for those interested in buying individual bonds, they really did not have a fair discussion on how to go about doing it. For example, there really was no practical material on how to purchase bonds on the internet. Perhaps this was done intentionally because of the authors' investment beliefs which leads to the second reason why the book was not perfect.
   
   Second, the authors tout efficient market hypothesis (EMH) and diversification repeatedly. Two finance professors are walking together when they spot a $20 bill. One says to the other "don't bother picking it up - if it were a real $20 bill it wouldn't be there". This joke captures the essence of EMH. I want to be the person who find the $20 bills on the ground which the authors don't believe exist. Individual investors can agree and disagree with these theories, but I found that even the authors contradicting themselves. If you are a true believer of EMH, then after you advise readers on how to buy mutual funds with low expenses you should be done. After all, prices are a true reflection of their value according to EMH so why bother examining individual securities. For example, the authors do not like preferred stock, but according to EMH shouldn't their value be accurately reflected by the market? They also stated another type of bond as usually inefficiently priced which is another EMH contradiction. Diversification may be the optimal strategy for certain investors who do not have the interest or time in managing a portfolio but I believe readers of books like this one are looking for an edge. The authors' goal should be to make readers become the "smart money".
   
   Overall, it may be fine reference book but as far as investment wisdom there is not much here.



4. If you are thinking about investing in bonds or bond funds, this book is for you. This book was "battle tested" during the 2008 market debacle, and it passed the test with flying colors.



5. I heard an interview by the author or Alternate Investments. Also in this interview the author talked about how TIPS is a great investment now (Dec 08). I got this book hoping the author will have an implementable point by point specific strategy to build a bond portfolio. But the book covers a lot of grounds about what is a bond , how to calculate yield , what is yield to maturity, what are mortgage backed bonds etc but no specific strategy. Also this book has to be updated with the cost information. For example the book advises against buying Treasury bonds in secondary markets because costs are high. They were high but many brokerages like ETRADE now do not charge a commission for buying TReasury bonds in secondary market.
   
   I was dissappointed. THis books real title is BOnds 101 and is good for investors who do not know anything about bonds

5 comments about Bond Markets, Analysis, and Strategies (7th Edition).

1. The seller was in touch with me throughout the entire process but I didn't receive a student edition of the book like I thought I bought instead I received a professional edition which wasn't written on the description of the book. However they did refund me some money for this mix up.



2. 
   
   Excellent treatment of all the major concepts -- good if you are studying for the CFA exam, as well...we used this in a top 20 MBA program and I highly recommend this book...fixed income is not easy stuff, but this book explains concepts/problems in a easy to digest way....



3. This book has numerous issues with incomplete formulas, math errors, and poor editing. Many of the questions at the end of the chapters are incomplete and the solutions in the manual often add in information that was not in the question. The solutions manual has lots of numbers transposed and on multipart questions these errors cause all of the answers to be incorrect. In addition, many of the solutions will change par value in the middle of the answer making it very confusing.
   
   The editor of this book should be fired immediately.



4. I was a major peer reviewer for the publisher of "Bond Markets, Analysis and Strategies," and have used it several times (perhaps as many as 10 semesters) for both undergrads and MBAs. I have no incentive to give this book any particular rating, but I HIGHLY RECOMMEND IT TO EITHER PRACTITIONERS AND ACADEMICS, AS IT IS AN EXCELLENT TEXT! There are very few weaknesses, and I disagree with most of those cited by the other reviewers listed here. It is clear, concise, loaded with examples, and beautifully written. It is also closely tied to real-world practice without sacrificing the mathematical modeling. Of course, it is no high-level bond pricing text, but it is not supposed to be--it is a broad introduction to bond markets. As such, it succeeds remarkably. In fact, I often refer to it to refresh my own understanding of the structure and pricing of these markets.

   I highly endorse it, and will continue using it.




5. I am a senior majoring in finance at the Curtis L. Carlson School of Management, at the University of Minnesota-Twin Cities. I just got done taking a bond course called: Financial Markets and Interest Rates. For the class we used this text book. Although it is a well-rounded book on bonds, it is very hard to understand if you do not have other examples describing what is going on. My professor who holds an MBA had alternative notes on Microsoft PowerPoint made for us to supplement the hard to understand text. The examples do not fully give a clear idea of what is happening, especially to the beginner learning bonds. I would rate this book 2/5 stars and would look elsewhere for an easier type of book, perhaps a tutorial. This book is used at high level universities including mine and Princeton University. Fabozzi is not fooling around when displaying info on bonds.

5 comments about The Treasury Bond Basis: An in-Depth Analysis for Hedgers, Speculators, and Arbitrageurs (McGraw-Hill Library of Investment and Finance).

1. I am a computer programmer who was working for a Secondary Market division in a bank and I was looking a reference of how to do hedging operations buying cash bonds and selling futures in short; also in my new role as programmer for a reconciliation team I wanted to learn how to calculate the P&L of fix income operations. Few books contains the level of details that I was looking for, this book is one of them good starting point, it explains realistic models and trents used for finance people to do capital markets.



2. Great book - I studied with Galen and he is a great guy and the world expert on cash-futures basis. Well worth the price and a place in your library!



3. After reading the Doctors masterpiece three times, i had enough of his theta gamma explanations. I am an avid reader who greatly enjoyed the Doctor's complicated explanations. I totally agree with Elvis. Great work again doctor



4. After reading the Doctors masterpiece three times, i had enough of his theta gamma explanations. I am an avid reader who greatly enjoyed the Doctor's complicated explanations. I totally agree with Elvis. Great work again doctor



5. I've been working in Futures & Options research for 3 years now, and this has proven to be the best refernce guide available. Terrence elucidates the concepts and mechanisms underlying the treasury bond basis with eloquence and intellect. His other work, Eurodollar Futures and Options, is also a great reference for the shorter end of the curve.

5 comments about The Complete Guide to Investing in Bonds and Bond Funds: How to Earn High Rates of Returns - Safely.

1. The idea of investing in bonds can be intimidating, but The Complete Guide to Investing in Bonds and Bond Funds: How to Earn High Rates of Return - Safely, works to assure the reader by providing a simple and easy read. The author, Martha Maeda, breaks down even the most difficult terminology into a free flowing and enjoyable read.
   
   The first section of the book is all about every type of bond, the history of bonds and how to buy and sell bonds. It is full of helpful charts, tips, case studies and advice, which makes the daunting task of investing seem much less threatening for someone with little knowledge of investments. The history chapter at the beginning of the book is the key to understanding what bonds are all about and how they have affected our country's economic status then and now. Section two begins with a questionnaire to help create and determine what strategy is right for you. It also assists in assessing the risks involved with what types of bonds you are going to purchase and what you can expect to get in return. The last part of the book covers useful resources to help you on your financial journey, including how to do research and how to create and maintain a portfolio. Additionally, the author has listed many websites as well as a glossary for all common financial terms. This book is the complete guide, as it covers everything one would need to know about the world of investments.
   
   
   



2. The Complete Guide to Investing in Bonds and Bond Funds: How to Earn High Rates of Return - Safely by Martha Maeda provides the reader with complete information on how to invest in bonds to anyone with any interest in investing. In Chapter 1, Maeda begins by providing a quick, interesting history about bonds and their inception in the United States. She then transitions to outlining the different types of bonds and their pros and cons. After doing so, Maeda guides the reader through the process of making an investment plan and deciding which bonds to invest in by using a detailed list of questions for the reader to answer.
   
   This book is written to be easily read by anyone. Maeda includes many outlined tips meant to catch the reader's eye, providing quick, useful information. The writing is clear and simple and is free of unnecessary financial jargon. Although at times the terms may get to be a bit much, Maeda provides a useful appendix that lists definitions for any terms that the reader may not be familiar with. This book is an excellent resource for people who want to invest their money but who are too busy or wary of the more volatile stock market or for those who simply want to expand their portfolios.



3. Investing in the Bond Market requires a bit of education in advance in order to make the best financial decisions that will bring the greatest rewards in the long term. As this book helps the reader sort through the various options available through Savings Bonds and Bond Funds, the reader is encouraged to determine the best fit for their investment needs and strategies.
   
   Delving into the history of governmental savings bonds also helps the reader understand the difference between the Bond Market and other investment opportunities such as Individual Retirement Accounts. There are advantages to doing both, but the Bond Market offers less of a risk than other options available.
   
   The reader is instructed not to buy what they do not understand; excellent advice for any potential investor. Through the glossary, a list of helpful websites, a list of governing agencies as well as professional agencies that offer assistance in investment strategies, as well as helpful charts that explain the ladder of maturity offered on bonds, this book will serve as a great resource over time to those who choose to invest in this manner.



4. Martha Maeda is an economic historian with special interests in micro-economics and in the effects of globalization on the lives of people and businesses all over the world. . In this 338 page book, she successfully captured the concerns of a novice investor who may be interested in investing in bonds and has no idea where or how to start. The book is written in 2 sections which make it a useful resource tool for the novice and the expert alike. The novice investor may want to start from section 1 which covers the types of bonds that are available, how to calculate yield and how to plan your investment strategy. history of bonds and bonds investing. Section 2 deals with creating your investment strategy.
   After reading this book, a new investor will have adequate information on what bonds mean, this information is written in clear and simple language. It is certainly not the type of investment book that puts you to sleep. It is the book you will enjoy reading and making lots of small notes in the margins. You will find yourself nodding in agreement and in understanding.
   I particularly enjoyed the "TIP" section of the book which serves as nuggets of information and draws your attention to very important points you may have missed while reading. For instance, the TIP on zero coupon bonds being reported annually to the IRS, even if it is not being received annually. This will save you a lot of trouble with the IRS. I also liked the information on being careful and responsible for your own investments. She provided a TIP to illustrate this point with Enron's bonds that were rated as investment grade by both Standard and Poor's and Moody's until four days before it declared bankruptcy.
   I recommend this book because the wealth of information it provides is timely for the economic situation we are currently in. Reading this book will empower would-be investors with the right kind of knowledge they may require before investing. Investors who also choose to employ a bank or financial adviser, will know the right kind of questions to ask.
   
   I rate this book as a 4 star.



5. Savings bonds are generally a dependable, safe way to invest your money, especially in today's tough economic climate. Martha Maeda's book, "The Complete Guide to Investing in Bonds and Bond Funds" is just as its title suggests: complete.
   
   Maeda gives a thorough explanation of how to invest your money in a savings bond depending on your current needs. Savings bonds can be versatile, from high-risk "junk bonds" to low-risk bonds from the U.S. Government, Maeda explains how a savings bond can be a useful addition to a stock portfolio or a way for the everyday person to put some money toward their future.
   
   Knowing nothing about bonds or bond investing before reading this book, I was introduced, at first, to a whole lexicon of jargon that I didn't understand. With Maeda's help, I was able to sort through that, learning about "fallen angels" and "sinking funds" and what they mean for investors.
   
   Whether you are an adept stock broker or a first-time investor, Maeda's advice will teach you what type of investor you are and what types of bonds are right for you. The book was user-friendly with a concise table of contents and a glossary at the end for readers to reference any time they come across terminology they do not understand. Maeda's book is to-the-point, giving investors confidence in savings bonds.