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Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income Hardcover – July 10, 2012
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From the Inside Flap
Until now, readers seeking a working knowledge of high yield munis had two options: they could wade through the rare general reference on the municipal bond markets in hopes of chancing upon the stray nugget or two of useful investing information; or they could take their chances with the superficial coverage provided by the typical do-it-yourself bond guide. Enter Investing in the High Yield Municipal Market. The first and only book devoted exclusively to the subject, it provides investors with the kind of practical, insider information they need to prosper from this little-understood, highly profitable corner of the fixed-income world.
Few authors are as uniquely qualified as Triet Nguyen to write such a book. He is a thirty-year veteran of the fixed-income markets, during which he witnessed the creation of the modern high yield tax-exempt institutional market. Writing from firsthand experience, he chronicles the market's evolution, while providing a gold mine of useful information on its historical performance, and also:
- Develops a conceptual framework for high yield, tax-free investing that factors in both interest rate and credit cycles
- Reviews the latest historical data on municipal defaults, including, for the first time, the non-rated sector
- Frankly assesses the pros and cons of high-yield mutual funds, ETFs, and hedge funds, with insights into how these slickly-marketed vehicles really work
- Offers in-depth coverage of the inherent risks and rewards of the $28 billion distressed municipal bond market
- Features fascinating and instructive case studies illustrating, step-by-step, how the high yield investing process works
- And for investors prepared to do their own homework, Mr. Nguyen, supported by a team of industry experts, supplies in-depth coverage of key investment considerations for several major classes of high yield tax-exempt bonds, offering unique insights into the risk/return, trading, and liquidity characteristics of high yield municipal instruments.
Written by an industry insider and offering the practical, in-depth information needed to exploit the many exciting opportunities available in this fixed-income arena, Investing in the High Yield Municipal Market is an indispensable working resource for institutional and individual investors as well as wealth managers and financial advisors.
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Top customer reviews
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* How well you do understand bonds?
* How well do you understand muni bonds?
* How much do you understand about credit analysis?
* Do you understand how municipal credit is different from corporate credit, including how the bankruptcy code works in each case?
If you are positive on three or four of those questions, this book will help you. If positive on two, it might help you. If less, forget it. This is a book for those that have some knowledge of bonds generally and municipal bonds in particular.
I learned a lot from this book, but I have a lot of experience with bonds. This book is a hybrid. It is written mostly by the author, who recruited experts to write specialty chapters.
Here is my main misgiving on the book: in order to invest in high yield municipals, you really need an adviser next to you to guide you. Even though the book says a lot of true things, there is no replacement for the person sitting next to you, who correct you in "real time."
Aside from what is written in this book, if you are willing to put in a lot of time to understand the high yield muni market, you could do quite well. But this is not adequate for average investors -- I don't think any book could be for high yield munis.
But the book is a really good introduction to the high yield muni market. If you understand that it is only an introduction, the book will be valuable to you as you search for more knowledge. This book is great, but it is not enough. I don't think any book could be enough, because there are a lot of complexities in these markets, and who would pay for a 2,000 page book?
Who would benefit from this book: If you want to get an introduction the the high yield municipal bond market, you will benefit from this book.