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Bonds: The Unbeaten Path to Secure Investment Growth Hardcover – September 27, 2011


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Bonds: The Unbeaten Path to Secure Investment Growth + The Bond Book: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More + Bond Investing For Dummies, 2nd Edition
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Product Details

  • Hardcover: 560 pages
  • Publisher: Bloomberg Press; 2 edition (September 27, 2011)
  • Language: English
  • ISBN-10: 9781118004463
  • ISBN-13: 978-1118004463
  • ASIN: 1118004469
  • Product Dimensions: 1.7 x 6.5 x 9.4 inches
  • Shipping Weight: 2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (65 customer reviews)
  • Amazon Best Sellers Rank: #313,627 in Books (See Top 100 in Books)

Editorial Reviews

Review

“There’s no such thing as risk-free investing, but Bonds, Second Edition gives investors practical advice on ways to minimize risk while growing their assets.”
Bill D’Alonzo, Chief Executive Officer of Friess Associates, manager of the Brandywine Funds family of growth-stock mutual funds

“Over the past decade the “truth” that investment in equities is a sound and perhaps the surest path to long term portfolio success has been severely tested. The Richelsons make a persuasive case for taking a path less travelled – that of investing in individual bonds. With historical examples comparing the stock and bond markets, risk-reward analyses and exploring the “magic” of compounding, the book is at a minimum a fascinating read and for many will be a blue-print for a revolutionary new portfolio design.”
Victor Keen, Of Counsel, Duane Morris LLP

“Hildy and Stan have written the ‘Everything You Always Wanted to Know About Bonds But Were Afraid to Ask’ book. This book provides clear and concise insights into bond investing.”
Alan Schapire, CFP®, CPA/PFS, Principal, Libra Financial Planning

“Stocks are always risky, no matter the long-run. Bonds should always have a place in investment portfolios. Stan and Hildy have been saying this correctly for years. 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.”
Michael Dubis, CFP®, President, Michael A. Dubis Financial Planning; Adjunct Lecturer, University of Wisconsin Graaskamp Center for Real Estate; past NAPFA National Conference Chair

“Bonds still aren't part of the nation's financial culture, years after this book's first edition and through the stock market's ups and downs. Don't blame the Richelsons. Better yet, leaf through their book for a detailed examination of the only investment where income is king.”
Joe Mysak, editor of Bloomberg Brief's daily Municipal Market

Bonds, Second Edition explains the reality of today’s complex world of investing. It shows how bonds can be more predictable and more profitable for somebody’s financial future. The Richelsons take the facts of investing and they explain how to make it safe. What could be better than that?”
Paul H. Frankel, Partner, Morrison & Foerster

“The Richelsons have advocated the virtue of bonds long before they became in vogue when the stock market tsunami hit every American in 2008/2009. The second edition of their book about bonds is a must read for anyone who hasn’t invested in bonds because they don’t understand them, or, who wants to understand what they already own. Stan and Hildy’s passion for bond investing is contagious.”
Kent R. Addis, Jr., President, Addis & Hill, Inc.

“With every conceivable bond topic discussed in plain English, this book is the most useful and practical guide to bond investing. 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 2009 credit crisis, and will help you steer clear of bond investing mistakes.”
Jeffery B. Broadhurst, MBA, CFA, CFP, President of Broadhurst Financial Advisors, Inc.

“Finally an up-to-date practical book on fixed income vehicles as well as strategy in using them. 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.”
Harry Scheyer, CPA/PFS, CFP, Pinnacle Financial Advisors

“A great insight on understanding bond portfolios. It is an area of investing that is often overlooked and not understood.”
Fred Amrein, Founder & Principal, Amrein Financial

From the Inside Flap

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.S. and international corporate bonds; municipal bonds' new global ratings, and how to protect against municipal defaults. 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 2008–2009 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.


More About the Author

Hildy Richelson, Ph.D, is a nationally recognized bond advisor and financial author. She restricts her practice the design and implementation of bond portfolios for high-net-worth individuals and is president of the Scarsdale Investment Group, Ltd.

Along with her husband, Stan, Dr. Richelson is the coauthor of five books. She has also written numerous articles and has been quoted as a bond expert in many publications including The Wall Street Journal, Money Magazine, The Nation's Business, and Working Woman. She has been profiled by Dow Jones Investment Advisor and SmartMoney.

Dr. Richelson received her Masters and Ph.D. degrees from Syracuse University.


Customer Reviews

It is well written and easy to understand.
Kevin O'Reilly
I am now also a great believer in BONDS -- The Unbeatable Path to Secure Investment Growth.
Kevin R. West
I've read numerous books on bonds and on investing.
Original Meatball

Most Helpful Customer Reviews

82 of 89 people found the following review helpful By Dale C. Maley VINE VOICE on November 17, 2008
Format: Hardcover Verified Purchase
A little background on myself. I have read over 200 books on investing. When I started investing back in 1979, I went 100% stocks. Back in 1979, the financial press was full of stories about retired people with bonds that were decimated by the high inflation of the late 1970's. Bonds were probably the worst investment back in that high inflationary environment. I stayed 100% stocks for 20 years, and then switched to 10% bonds in 1999. In late 2007, I switched to a 60:40 portfolio. I evaluated my need to take risk against my willingness to take risk...and settled on the time honored 60:40 portfolio of pension funds.

The authors of this book try to make the case for a 0:100 or all bond portfolio. They assert the 10% return of stocks is really 6-7% because of taxes, expenses, and bad timing.

Taxes reduce stock returns because of excessive trading by active mutual fund managers.

Expenses reduce stocks returns because of transaction costs and annual fees. Their assertion is 2% on large cap, 4% on small cap and foreign stock funds, and 10% on micro-cap and emerging markets.

Bad timing reduces the return of stocks because investors chase the winners and they buy high and sell low. The Dalbar studies have shown for years that most investors do not really get the market return of stocks. The authors cite the fact that the S&P 500 returned 12.8% from 1983-2003..while the average investor only got 6.3%. The author cites a Dalbar study where the market returned 12% and investors really got 4%.

The authors claim that a 100% bond portfolio solves all the issues that lower the return of stocks. They assert bonds are low cost if you buy them at their initial offering. They assert low fees if you hold the bonds to maturity.
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30 of 30 people found the following review helpful By Lee by the Sea on December 22, 2007
Format: Hardcover
The Richelsons have provided a readable introduction to investing in bonds, with meaty sections on basics and categories. It is current, being a 2007 edition that is "expanded and updated"--and renamed--from their 2002 book. I found it comparable in scope to, if a little simpler than, Esme Faerber's 2001 book "Fundamentals of the Bond Market", which I already have dog-eared thoroughly.

So far, so good, but unfortunately the book promises much more than it delivers. From the beginning onwards, reference is frequently made to "the All-Bond Portfolio" as a strategic investment approach that is preferable to the more-commonly advised stock-bond mix. But the book lacks detailed portfolio examples to explain and prove that claim. Indeed, there is no quantitative guidance except for five thinly-detailed case studies. Say I'm a retiree interested in how I would (or if I could!) create an all-bond portfolio to provide income of a specific amount for a specific time; there is no help here. Except for discussion of TIPS and I-Bonds as bond categories, the crucial issue of fixed-income returns versus inflation is not covered. TIPS protect against inflation, but how big a part of my all-bond portfolio must they be? One strongly-advocated strategy is buying and holding bonds to maturity to minimize market risk rather than trading in the secondary bond market.

It would not be sufficient for the Richelsons to wave off the above objections as details beyond the scope of the book, because the book proposes the all-bond portfolio as a strategic solution, not merely as a concept. (Even Burton Malkiel's famous "A Random Walk Down Wall Street", which has a far wider scope, gives specific percentages for types of bonds in its pie charts.) So, if you are looking at introductory bond-investment books, keep this one on your comparison list, but don't expect it to define your investment strategy.
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92 of 109 people found the following review helpful By Robert Sczech on October 13, 2007
Format: Hardcover
The authors have written an excellent book on bonds which I highly recommend. The trouble with bonds is that their investment value can not be separated from the fate of the currency they are denominated in. If we buy one bond, we buy in fact a legal claim for the payment of $1000 at some future date. It is almost certain that these 1000 future Dollars will have a smaller purchasing power than the 1000 Dollars spent today. Nobody will invest into bonds if the money returned in the future is worth less than the money spent today to buy these bonds. To compensate for this loss of value due to inflation, bonds pay interest every year at a certain rate (depending on prevailing market rates and on the credit rating of the bond issuer). In times of declining inflation rates (as it happened during the past 25 years from 1982-2005), bonds are excellent investments due to the fact that the interest paid is well above the prevailing inflation rate. The big question is whether this benign inflation climate will continue to hold in the future. It is the only major weakness of the book under review that the authors do not address this question properly. Personally, I believe that the next 25 years will be very hostile to bond investments. That belief is based on the following observation. The total amount of all financial assets (bonds, stocks, derivatives etc) is growing at an exponential rate. These financial assets are claims on future products and services. As the present credit crisis shows, we already reached the stage where the real economy can not produce enough real goods and services in order to match the growth of financial assets. This crisis will only grow larger in the future, partly due to constraints on the availability of resources (peak oil for instance).Read more ›
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