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How to Make Money with Junk Bonds Hardcover


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How to Make Money with Junk Bonds + The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More
Price for both: $38.32

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Product Details

  • Hardcover: 192 pages
  • Publisher: McGraw-Hill; 1 edition (April 23, 2012)
  • Language: English
  • ISBN-10: 007179381X
  • ISBN-13: 978-0071793810
  • Product Dimensions: 7.4 x 5.3 x 0.8 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #600,949 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Robert Levine, CFA, is the founder of Nomura Corporate Research and Asset Management, Inc. ("NCRAM"), where he served as President, CEO and CIO for nearly twenty years. A renowned investor and inductee into the Fixed Income Analysts Society Hall of Fame, Levine founded NCRAM as an analyst-driven research boutique in below-investment-grade debt. As CIO, he managed over $15 billion.

Mr. Levine is a CFA Charter Holder, a past member of The Association for Investment Management and Research ("AIMR") Accounting Policy Committee, a past Director and past President of the Fixed Income Analysts Society, and past Chairman of the Fixed Income Analysts Society annual Bond Conference.


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Customer Reviews

4.6 out of 5 stars
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See all 8 customer reviews
The book is lucidly written and an easy read for beginners.
S. Jhaveri
So get this book if you're looking a great and interesting intro into the junk bond market.
Adl424
If the rating is correct the bond should be ignored even if it's got a high yield.
eqtbooks

Most Helpful Customer Reviews

11 of 13 people found the following review helpful By li zhake on May 4, 2012
Format: Hardcover
"How to Make Money in Junk Bonds" is a handbook for the industry.

What is a junk bond? How do they work? How can you invest in them as an individual investor or through a mutual fund or ETF? They are all contained here, explained by the man who played a large role in bringing the asset class to prominence.

Of particular use are the many charts deployed throughout the book, which illustrate conditions and factors at work in the market and how this plays into what to buy when.

Unlike so many investment books, the author doesn't simply rely on vague advice, but rather drills down into his thesis and shows why it has worked. Recommended.
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4 of 4 people found the following review helpful By S. Jhaveri on June 26, 2012
Format: Hardcover Verified Purchase
Extremely well written. The book is lucidly written and an easy read for beginners. The author is an expert in junk bond investing and brings a rare insight in this esoteric investment subject for the novice. Would strongly recommend this book.
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3 of 3 people found the following review helpful By eqtbooks on January 12, 2013
Format: Hardcover
This is a book on high yield investing that is short on details but long on common sense and real life experience. Robert Levine is the founder, former CEO and CIO of Nomura Corporate Research and Asset Management. Prior he worked with junk bonds for 13 years at Kidder Peabody. During his 18,5 years at NCRAM Levine had an 11,5 percent annual return versus the high yield index with a return of 8,7 percent. The Sharpe ratios were 1,24 and 1,01 respectively. For such a long period this is a huge outperformance.

A key element to Levine's success was that he managed to combine a rigorous credit analysis with a top-down based view on when to be cautious and when to be risk seeking. When the spreads for the high yield universe gets too slim an investor should decrease his weighting to the asset class and at the same time concentrate on high quality BB-rated bonds. My interpretation is that Levine had an ability to not let greed overshadow stringent analysis and hence he avoided credit losses in bad times ("Just say no!"), but even more importantly he performed an analysis of companies' businesses that was more forward looking than most other junk bond investors. Instead of just searching for the highest yield he sought a combination of coupon income and capital gains from positive change in future corporate fundamentals.

What Levine calls his strong horse method is a two-step process where a credit analysis is first performed and then the results are related to the rating and yield of the bond in question. The credit analysis looks to the business risk where Levine search for companies that are market leaders, low cost producers, price leaders with solid management and improving product trends.
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3 of 3 people found the following review helpful By Adl424 on August 31, 2012
Format: Hardcover
I bought the book because of Goel Greenblatt's foreword. I've read his books and they were great for a very methodical and technical understanding of the stock market but explained in layman terms. I was hoping to get the same experience from this junk bond book. I didn't get exactly that but it was a very good refresher on some of the basic concepts in hy market. The author has a wealth of experience, and I only saw glimpses of him sharing that in this book. It would have been even better if he could have written about more transactions, more analysis, and more detailed workings of the strong horse methodology. Maybe this is just an intro to hy market. Hope the author writes another more in-depth book soon and share with us his tremendous experience. So get this book if you're looking a great and interesting intro into the junk bond market.
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