INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market
Maximize profits with the perfect balance between risk and reward
Municipal bonds have traditionally given investors a reliable investment while providing state and local governments with an essential tool for funding public infrastructure projects. Now, the threat of municipalities defaulting and dramatic changes to the muni market’s fundamental operations have created an attractive hotbed of opportunity for today’s top institutional investors.
Investing in Municipal Bonds is the retail investor’s road map to the lucrative market that is fueling the digital and physical highways of the future.
Only Dr. Philip Fischer can offer such a brilliantly practical amalgam of big-picture financial theory and nuts-and-bolts bond calculations. His crystal-clear explanation of the muni market covers every aspect, including the various “personalities” and traits of different types of bonds. His hands-on strategies for earning more from your money will keep this book at your fingertips as you customize a profitable municipal bond portfolio to achieve your financial goals.
Political and business leaders as well as financial professionals seek Dr. Fischer’s knowledge and firsthand insights into municipal securities, from day-to-day trading to milestone events like the 2008 financial crisis.
Investing in Municipal Bonds shows you how it’s done on Wall Street, providing a wealth of pertinent examples from the real world. You can rely on this powerful guidebook for the know-how and skill set you need to confidently:
Bond yields will eventually rebound from these historic lows and bring increased risk. Investing in Municipal Bonds will give you the knowledge you need to adjust your risk and balance profi t for continued success toward your financial goals.
Praise for Investing in Municiple Bonds:
“In addition to an accessible discussion of this unique market’s financial structures, Fischer provides the historical context for why the market evolved the way it did—and how that history may influence municipal bond investments in an era of slow economic growth and rising costs for retirees.”
“If there were a graduate program in Municipal Finance, Dr. Fischer’s treatise would quickly climb to the top of the syllabus.”
“Dr. Fischer brings a ‘what you need to know’ approach to the novice and the experienced practitioner alike. He poignantly relates how the very nuanced market structure influences and prices this market. Even with my over 25 years in the business, this book earns a trophy spot on my muni reference shelf.”
“A well-written, thorough, and meticulous primer to the history, the instruments, and the segments that comprise the municipal bond market.”
“If you would like to learn more about municipal bonds so that you know how to check off each item on the checklist, I highly recommend buying Investing in Municipal Bonds.”
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Chapter 2 A First Look at Municipal Bonds
Chapter 3 Reading an Official Statement
Chapter 4 A Revenue Bond Example
Chapter 5 Conduit Financing
Chapter 6 Refundings
Chapter 7 Elements of Taxation
Chapter 8 Taxable Municipal Bonds
Chapter 11 The Yield Curve
Chapter 12 Municipal Bond Yield Calculations
Chapter 13 Elements of Portfolio Structuring
Chapter 14 Derivatives
Chapter 15 The Checklist
Glossary of Acronyms
Chapter 9 The Microstructure of the Municipal Bond Market
Chapter 10 State and Local Economies