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Book: The Strategic Bond Investor : Strategies and Tools to Unlock the Power of the Bond Market :: Book
Date: Friday, 09 January, 2009 :: 09:10
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The Strategic Bond Investor : Strategies and Tools to Unlock the Power of the Bond Market
List Price: USD $29.95
from USD $19.32
Product Group: book
Manufacturer: McGraw-Hill
Studio: McGraw-Hill
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Editorial Review: Product Description
A dynamic, equity-style approach to investing in today's bond market "Tony Crescenzi knows bonds and his book proves it. From 'Fedspeak' to Treasury buybacks, The Strategic Bond Investor helps to explain the mysteries of the bond market and even offers tips on how to forecast interest rates. Sign me up--I can always learn something new!"--Bill Gross, Managing Director at Pacific Investment Management Company Bond investing can be every bit as exciting and profitable as "playing the stock market." The Strategic Bond Investor is the first book to approach fixed-income investing from an equity-style perspective. This fast-paced book provides readers with helpful tips, tools, and strategies for tracking market sentiment, spotting market extremes, analyzing volume and liquidity, and dozens of other techniques that wereup until nowlimited primarily to the equity markets. The Strategic Bond Investor reveals a dramatic new approach for using bonds to balance portfolios while grabbing profit opportunities as they present themselves. It represents a new style of bond investing, bold yet risk-conscious, that is long overdue for today's transformed market environment. Investors looking to diversify their portfolios will discover: - Key economic releases and how they influence bond prices
- Popular fixed-income portfolio management strategies
- Best-performing bonds in a variety of economic circumstances
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Reviews:
Average Customer Review: 
0 of 2 people found the following review helpful:
Summary: Boring, but useful
Date: 2007-10-09 -
Comment: Reading this book was so boring it was like... Well it was like reading a book on strategic bond investing. That being said it had a wealth of information. The price I got it for used was well worth the Fed speak chapter, and the detailed explanation of the various monthly economic data (employment, housing starts etc). Also each chapter has a summary that is helpful if you are just scanning the book. For non bond investors it is quite good to have for reference.
2 of 5 people found the following review helpful:
Summary: The Strategic Bond Investor
Date: 2006-11-02 -
Comment: This book is worth the money, it belongs on your bookshelf next to Malkiel's Random Walk down Wall Street. Anthony Crescenzi leading fixed income analyst at Miller Tabek and creator of Bondtalk does an excellent job with this work. I myself received my undergraduate degree in Finance and was honored to participate in my university's first two invitations to the Federal Reserves education challenges for undergraduate and high school students.
I found this book an extremely good reference, outline and compandium for the understanding of fixed income investment vehicles and the economic market environment in which they exist. This book would be ideal in combination with say the Princeton Professor Malkiels book Random Walk down wall street which explains equities, their analysis and the markets in which they trade.
I would suggest this book to the lay investor who maybe doesnt even manage the majority of his/her asset just to understand the fundamentals. Ofcourse, the world of finance and in my opinion especially fixed income can be the drabbest, greyest, quantitatively complicated and mind numbing topics. But I must say that Mr. Crescenzi breaths a light humor and a little youth into the subject matter.
And to the person with say a degree in business, finance or economics this book elaborates on topics probably already discussed into further detail. After reading the aprox. 300 pages and the appendix entitled a power tool for investors which describes the leading economic indicators and extrapolations one can take from them. The student can expect to be able to render even better analyses of the domestic economy with better understanding of stimuli that effect the price of fixed income securities.
All over this book is great should you be the least bit interested in fixed income it covers all the bases. I am almost positive that you will fail to find a better book on fixed income/bonds out there the man who wrote this is very highly respected in his field and also worth checking out is the website his pioneered bondtalk. Perfect for the financial scientist!!!
3 of 5 people found the following review helpful:
Summary: Insightful, smart, and relevant
Date: 2006-03-28 - 
Comment: The Strategic Bond Investor is much more thorough and relevant than most bond books. Others who commented discussed the lack of certain strategies, but those reviews miss the point. The book offers strategies and insights that are the most important ones to grasp: those which help investors to forecast what to expect next in the bond market. Sure, laddering, and other traditional strategies are important, but they do not represent the path to big money, understanding trends in the markets is far more important and this book is a major help in that regard. Other books are very weak in talking about the things that move markets. For example, there is an excellent section on the inverted yield curve, and insights into tools for tracking market sentiment and how to use futures to gather market intelligence. Mr. Crescenzi works on Wall Street, so his insights are better than anyone on the outside could deliver.
There is also an appendix in the back of the book that gives great insights into the major monthly economic news that is released each month.
The Strategic Bond Investor is far above other bond books and is easy to understand.
17 of 23 people found the following review helpful:
Summary: The Stategic Bond Investor - Disappointing
Date: 2005-03-07 - 
Comment: Although this book contains good information on types of bonds, yield curves and things that affect the bond market and interest rates, I found it disappointing. To me, it was overly wordy and sometimes repetitive. At times, I felt that I was slogging through molasses. My biggest disappointment was that it did not get into the specific bond investing actions that an individual like myself would take using the information presented. There was nothing about things that I was interested in i.e., bond laddering, bond mutual funds, convertible bonds, when to buy or sell short, intermediate and long term bonds, etc.
27 of 28 people found the following review helpful:
Summary: complements Thau
Date: 2005-02-18 -
Comment: By far the best introduction to bonds is Annette Thau's The Bond Book. But Thau makes no attempt to explain why the price of a given bond fluctuates over time. Crescenzi, one of the most frequently cited of the legion of professional Fed watchers, tries to make up this deficiency, describing the impact of Fed moves, market perceptions of the state of the economy, the supply of new issues, etc. on bond prices.
But Crescenzi has a much more ambitious agenda. He explains how the yield curve can be used to forecast developments in the economy. Other chapters summarize how to predict trends within the bond market, from analyzing the put/call ratio to interpreting the economic data that a dozen or more agencies spew out every week. He makes the case that knowing the bond market will be useful to anyone with a credit card in his or her wallet.
Crescenzi also wants the book to serve as a general introduction to bonds. There are chapters on "bond basics," types of bonds, risks facing the investor, and then inexplicably late in the book, chapters on credit ratings and using the internet. The latter is particularly weak chapter (Thau's isn't much better.) For whatever reasons, Crescenzi doesn't explain clearly how to use the internet to research individual bonds and check recent trades, and doesn't give the URLs of the sites that let you do this and purchase bonds.
If it sounds like the book is a bit of a hodge-podge, that's because it is. The book's organization leaves a lot to be desired, apart from the scope being too broad. Not only is the sequence of chapters mysterious, but there's a fair amount of repetition. While the writing itself is pretty lively, or at least conversational, I'm not sure Crescenzi has figured out his intended audience. Even though this is an introduction, some readers are bound to feel he's assuming too little and being condescending at times.
The best chapters are probably 7,8, and 9 on the yield curve, real yields, and rate forecasting. Crescenzi apparently wasn't trained as an economist or historian, and when he tries to describe the effect of interest rates on politics, he goes awry. A big fan of Clinton, he imagines Hoover believed in and practiced "laissez faire" and that budget deficits inevitably result in high interest rates. A chart of deficits as a percent of GDP vs. the yield on the 10 year note would reveal the wrongheadness of this claim. In general, there are far too few charts and graphs thoughout the book. Many more important points ought to be represented graphically--like changes in yield spreads in Ch. 12.
Still another gripe--munis get slighted throughout the book.
Despite these negatives, The Strategic Bond Investor fills an important niche and is definitely worth reading. Crescenzi is an ethusiastic teacher and he makes a fairly complex subject accessible. Though there are certainly books introducing readers to the economic indicators and explaining the Federal Reserve System, I don't know of another book that tries to make the bond market as a whole intelligible to outsiders. Hope he gets a chance to revise this in a second edition.
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