دانلود کتاب Bonds are not forever : the crisis facing fixed income investors

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Content: Preface xi Acknowledgments xiii CHAPTER 1 From High School to Wall Street--The Bull Market Begins 1 Inflation Memories As Bad as It Gets 4 Trading in Gilts 5 The Old Class Structure 8 A Nineteenth-Century Market 11 Finance Starts to Grow 12 Is Finance Good? 16 Investing after the Bubble 20 CHAPTER 2 A Brief History of Debt 23 Interest Rates in Ancient Times 23 Medieval Credit 26 The Beginnings of Modern-Day Finance 28 Borrowing Reaches the Mass Market 31 Student Debt 39 Big Borrowers in History 43 What We Owe Now 45 CHAPTER 3 Derivatives Growth 51 Welcome to New York 52 Early Derivatives Growth 56 Swaps Take Off 61 Size Isn\'t Everything 65 Derivatives Reach Omaha 67 Norwegian Wood 69 CHAPTER 4 Bond Market Inefficiencies for Retail 73 A Simple Market Model Stocks Are Fairer than Bonds 76 Why Change Is Slow 79 Structured Notes 81 The Internet Threatens the Swaps Oligopoly 84 Municipal Bonds 87 CHAPTER 5 Trading Derivatives 93 Before Banks Were Exciting Computers and Swaps 96 Should Banks Innovate? 97 Growth in Innovation 99 Volcker\'s Problem 102 Bring Me Clients with a Problem 103 Derivatives Missteps 105 Trading by the Book 107 An Options Book Blows Up 110 CHAPTER 6 Politics 115 Government-Controlled Investing Why Should We Worry? 116 Who Says There Is a Problem? 120 Look to the Future 128 Looking Ahead 129 Monetization--A Thought Experiment 133 Imperial Overstretch 136 More Debt Means More Banking 141 CHAPTER 7 Managing Risk 1990--1998 143 Risk-Oriented Market Making Traders and Risk 145 Why Traders Are Bad at Budgeting 147 The Growth of Global Trading 149 Managing Obscure Basic Risks 152 What\'s the Social Purpose? 155 Wall Street Fuels the Debt Growth 156 CHAPTER 8 Inflation 165 Germany\'s Defining Economic Experience 167 Inflation Today 170 The Fed\'s Huge Mistake 174 You Can\'t Spend Quality Improvements 177 What Critics Say 181 Measuring What They Can, Not What Counts 183 CHAPTER 9 Bonds Are Not Forever 189 Putting It All Together Wall Street Built It 192 Make Your Own Bond 195 High Dividend, Low Beta 198 Hedged Dividend Capture 201 Master Limited Partnerships (MLPs) 202 Deep Value Equities 205 Debt Is Bad 205 Bonds Are Not Forever 207 References 209 Glossary 215 About the Author 219 Index 221