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The bestselling bond investing classic―updated to help you profit today and position yourself for the post-COVID era and decade ahead
Since the 2008 global financial crisis, the investing world has changed radically. Credit is more difficult to access, populations across the world are aging, and economic growth has been tepid. And now, the global pandemic has shaken the global financial system to its core. Investors are facing a future where structural—rather than cyclical—change will have greater impact on financial markets.
In this new edition of The Strategic Bond Investor, you’ll find everything you need to generate profits while mitigating risk in the “new normal.” PIMCO Executive Vice President and lead investing strategist Anthony Crescenzi explains how deeply the bond market impacts the global economy, the best ways to invest in bonds, and how to “read” this market to inform your overall strategy.
Along the way, Crescenzi provides unique and invaluable insights into the role of the bond market in recent economic crises (both 2008 and 2020), in an era of the rise of socially responsible investing, and at a time when we may well be witnessing a seismic shift in economic and financial power from the United States to China.
Crescenzi draws on his vast experience, as well as personal conversations with Alan Greenspan, Ben Bernanke, Janet Yellen, and other influential figures in finance, politics, and academia. He provides a glimpse at PIMCO’s storied investment process, along with numerous types of investment strategies to meet various investing goals.
The Strategic Bond Investor has guided investors through the capital markets for nearly two decades. Use this updated edition to achieve investing success in the next decade.
McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide
Foreword by Manny Roman 1 The Importance of the Bond Market 2 Why Low Interest Rates Will Likely Persist into the 2030s 3 Negative Interest Rates: Can It Happen in the United States? 4 The Composition and Characteristics of the Bond Market 5 Bond BasicsBuilding Blocks and Warning Labels 6 Risks Facing Today’s Bond InvestorsAsset Diversification Does Not Equal Risk Diversification 7 Don’t Fight the FedThe Powerful Role of the Federal Reserveand the World’s Central Banks 8 The Yield CurveThe Bond Market’s Crystal Ball 9 Real YieldsWhy They Are Important to Understand 10 The Five Tenets of Successful Interest Rate Forecasting 11 From Tulips to TreasuriesTracking Market Sentiment to Forecast Market Behavior 12 Credit RatingsAn Essential Tool for a Bond Investor to Bea True Guardian of Capital 13 Bond Strategies from a Bond Manager 14 The Keynesian EndpointReaching the Practical Limits of Debt Use 15 Using Economic Data to Inform Your Investment Decisions 16 ESG (Environmental, Social, Governance) InvestingThis Changes Everything, Including the World 17 How Interest Rates Have Shaped the Political Landscape Notes Index
