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INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market Hardcover – January 8, 2013


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INVESTING IN MUNICIPAL BONDS:  How to Balance Risk and Reward for Success in Today’s Bond Market + The Bond Book, Third Edition: 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: 256 pages
  • Publisher: McGraw-Hill; 1 edition (January 8, 2013)
  • Language: English
  • ISBN-10: 0071809759
  • ISBN-13: 978-0071809757
  • Product Dimensions: 9.3 x 6.3 x 0.9 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #316,474 in Books (See Top 100 in Books)

Editorial Reviews

Review

“Municipal bonds can be a tricky lot, but Fischer's book goes a long way toward making them understandable. Anyone who is thinking about investing in this area or who is advising those who do owes it to himself to become better informed about both the basic principles and the quirks of the municipal bond market. Investing in Municipal Bonds is the perfect place to start." (SeekingAlpha.com)

About the Author

Dr. Philip Fischer is Managing Director, Municipal Bond Research and Global Indices at Bank of America Merrill Lynch. His areas of expertise include fixed income, especially municipal bonds, focusing on economic and market analysis.


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Most Helpful Customer Reviews

1 of 1 people found the following review helpful By David Merkel on June 15, 2013
Format: Hardcover
In my life, I have been a mortgage bond manager, and a corporate bond manager. I have enough overall experience that I have played in most bond and loan categories, including municipal bonds.

Municipal bonds are one place where the competition level is low, and additional knowledge can pay off. This is particularly true in an era where municipal bond insurance is less prevalent, and as such credit analysis has more value.

This book gives you the basics on municipal bonds. The most basic idea is economic necessity. Who will be harmed if the municipality in question can't perform? If the the answer is "few," that might not be a good municipal bond to buy, unless there are significant covenants requiring a municipality to raise taxes to pay for the debt service.

Municipal bonds are an unusual market because there are many issuers, purposes, and bond styles. The dominant non-taxable bonds are only bought by Americans, and sometimes only by those in a given state.

Municipal bonds are also different because most of the bonds issued have long maturity dates. Municipalities want predictability in borrowing costs; they also match the borrowing term to the length of what is funded, which is typically long.

The book will take you through:

* Bond types
* Covenants
* Types of bonds that are more risky
* How bonds pay off
* Taxation of bonds
* The ugliness of trading municipal bonds
* The challenge of analyzing municipal economies
* Basic yield calculations
* Portfolio management
* Derivatives -- though that was more of an issue in the past

I would highlight one big issue here. Most small municipal issues rarely trade.
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Format: Hardcover Verified Purchase
I cannot imagine a more clear, concise and understandable explanation of municipal bonds. Mr. Fischer delivers the necessary information in a highly focussed way. With this book, any reasonably experienced investor can become truly savvy about understanding the market and selecting good municipal bonds from the many hundreds of issues available for purchase.
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By Frank David Singer on October 20, 2013
Format: Hardcover Verified Purchase
Perhaps 3 stars is unfair. I found the book very dry and that is from someone with a philosophy major. I believe it provides accurate information about the municipal bond market, but it is lacking in a (sufficient for me) strategic perspective that would have made the read more interesting.
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By Martin J. Mauro on January 27, 2013
Format: Kindle Edition Verified Purchase
This is a thorough and very readable walk through all aspects of the municipal market. The book traces the history of the muni market, the types of bonds, and the issuers. Some of the book covers ground common to all bond investing, such as managing interest rate risk and the basics of building a bond portfolio. The author also gives very understandable descriptions of elements unique to munis, such as conduit financings and refundings.
The book also gives a balanced description of two important items of current interest that are not addressed in older books on munis: the potential for default and the potential for eventual taxation of muni interest.
Towards the end of the book, the author covers elements of the muni market that most invidual investors would not get involved with, but should know about. He gives a very understandable description of the legal aspects of muni refundings, interst rate swaps and credit defualt swaps. These are areas that typically involve only professional investors. But if you are investing in the market, you ought to know about what the pros are doing!
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0 of 2 people found the following review helpful By Charles Lipcon on March 6, 2013
Format: Hardcover Verified Purchase
This book provided great insights which I found very helpful. I would recommend it to anyone interested in muni bonds
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