{"product_id":"bonds-are-not-forever-9781118659533","title":"Bonds Are Not Forever","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eAn up-close look at the fixed income market and what lies ahead\u003c\/b\u003e  \u003cp\u003eInterweaving compelling, and often amusing, anecdotes from author Simon Lack''s distinguished thirty-year career as a professional investor with hard economic data, this engaging book skillfully reveals why \u003ci\u003eBonds Are Not Forever\u003c\/i\u003e. Along the way, it provides investors with a coherent framework for understanding the future of the fixed income markets and, more importantly, answering the question, Where should I invest tomorrow?\u003c\/p\u003e \u003cp\u003e\u003ci\u003eBonds Are Not Forever\u003c\/i\u003e chronicles the steady decline in interest rates from their peak in the 1980s and the concurrent drop in inflation during that period. Lack explains how those two factors spurred a dramatic growth in borrowing among both governments and individuals. Along the way, Lack describes how a financial industry meant to provide capital needed to drive productivity and economic growth became disconnected from Main Street and explores the grave economic, socia\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 From High School to Wall Street—The Bull Market Begins 1\u003c\/b\u003e\u003cbr\u003e \u003ci\u003eInflation Memories\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAs Bad as It Gets 4\u003c\/p\u003e \u003cp\u003eTrading in Gilts 5\u003c\/p\u003e \u003cp\u003eThe Old Class Structure 8\u003c\/p\u003e \u003cp\u003eA Nineteenth-Century Market 11\u003c\/p\u003e \u003cp\u003eFinance Starts to Grow 12\u003c\/p\u003e \u003cp\u003eIs Finance Good? 16\u003c\/p\u003e \u003cp\u003eInvesting after the Bubble 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 A Brief History of Debt 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInterest Rates in Ancient Times 23\u003c\/p\u003e \u003cp\u003eMedieval Credit 26\u003c\/p\u003e \u003cp\u003eThe Beginnings of Modern-Day Finance 28\u003c\/p\u003e \u003cp\u003eBorrowing Reaches the Mass Market 31\u003c\/p\u003e \u003cp\u003eStudent Debt 39\u003c\/p\u003e \u003cp\u003eBig Borrowers in History 43\u003c\/p\u003e \u003cp\u003eWhat We Owe Now 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Derivatives Growth 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWelcome to New York 52\u003c\/p\u003e \u003cp\u003eEarly Derivatives Growth 56\u003c\/p\u003e \u003cp\u003eSwaps Take Off 61\u003c\/p\u003e \u003cp\u003eSize Isn’t Everything 65\u003c\/p\u003e \u003cp\u003eDerivatives Reach Omaha 67\u003c\/p\u003e \u003cp\u003eNorwegian Wood 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Bond Market Inefficiencies for Retail 73\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eA Simple Market Model\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eStocks Are Fairer than Bonds 76\u003c\/p\u003e \u003cp\u003eWhy Change Is Slow 79\u003c\/p\u003e \u003cp\u003eStructured Notes 81\u003c\/p\u003e \u003cp\u003eThe Internet Threatens the Swaps Oligopoly 84\u003c\/p\u003e \u003cp\u003eMunicipal Bonds 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Trading Derivatives 93\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eBefore Banks Were Exciting\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eComputers and Swaps 96\u003c\/p\u003e \u003cp\u003eShould Banks Innovate? 97\u003c\/p\u003e \u003cp\u003eGrowth in Innovation 99\u003c\/p\u003e \u003cp\u003eVolcker’s Problem 102\u003c\/p\u003e \u003cp\u003eBring Me Clients with a Problem 103\u003c\/p\u003e \u003cp\u003eDerivatives Missteps 105\u003c\/p\u003e \u003cp\u003eTrading by the Book 107\u003c\/p\u003e \u003cp\u003eAn Options Book Blows Up 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Politics 115\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eGovernment-Controlled Investing\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eWhy Should We Worry? 116\u003c\/p\u003e \u003cp\u003eWho Says There Is a Problem? 120\u003c\/p\u003e \u003cp\u003eLook to the Future 128\u003c\/p\u003e \u003cp\u003eLooking Ahead 129\u003c\/p\u003e \u003cp\u003eMonetization—A Thought Experiment 133\u003c\/p\u003e \u003cp\u003eImperial Overstretch 136\u003c\/p\u003e \u003cp\u003eMore Debt Means More Banking 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Managing Risk 1990–1998 143\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eRisk-Oriented Market Making\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eTraders and Risk 145\u003c\/p\u003e \u003cp\u003eWhy Traders Are Bad at Budgeting 147\u003c\/p\u003e \u003cp\u003eThe Growth of Global Trading 149\u003c\/p\u003e \u003cp\u003eManaging Obscure Basic Risks 152\u003c\/p\u003e \u003cp\u003eWhat’s the Social Purpose? 155\u003c\/p\u003e \u003cp\u003eWall Street Fuels the Debt Growth 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Inflation 165\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eA Brief History\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eGermany’s Defining Economic Experience 167\u003c\/p\u003e \u003cp\u003eInflation Today 170\u003c\/p\u003e \u003cp\u003eThe Fed’s Huge Mistake 174\u003c\/p\u003e \u003cp\u003eYou Can’t Spend Quality Improvements 177\u003c\/p\u003e \u003cp\u003eWhat Critics Say 181\u003c\/p\u003e \u003cp\u003eMeasuring What They Can, Not What Counts 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Bonds Are Not Forever 189\u003cbr\u003e \u003c\/b\u003e\u003ci\u003ePutting It All Together\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eWall Street Built It 192\u003c\/p\u003e \u003cp\u003eMake Your Own Bond 195\u003c\/p\u003e \u003cp\u003eHigh Dividend, Low Beta 198\u003c\/p\u003e \u003cp\u003eHedged Dividend Capture 201\u003c\/p\u003e \u003cp\u003eMaster Limited Partnerships (MLPs) 202\u003c\/p\u003e \u003cp\u003eDeep Value Equities 205\u003c\/p\u003e \u003cp\u003eDebt Is Bad 205\u003c\/p\u003e \u003cp\u003eBonds Are Not Forever 207\u003c\/p\u003e \u003cp\u003eReferences 209\u003c\/p\u003e \u003cp\u003eGlossary 215\u003c\/p\u003e \u003cp\u003eAbout the Author 219\u003c\/p\u003e \u003cp\u003eIndex 221\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406901846359,"sku":"9781118659533","price":24.79,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118659533.jpg?v=1730497498","url":"https:\/\/bookcurl.com\/products\/bonds-are-not-forever-9781118659533","provider":"Book Curl","version":"1.0","type":"link"}