It has been widely reported that the baby boom generation has not adequately saved for their rapidly approaching retirement years. Because of this, many boomers believe the only way to catch up is by investing in common stocks. But stocks are inherently risky, particularly for those close to, or in, retirement. Income Investing Today offers an alternative--income, through diversification over a variety of securities, that can provide a healthy annual cash income without the downside risks of the stock market. The virtue of income securities, says fixed income expert Richard Lehmann, is that…mehr
It has been widely reported that the baby boom generation has not adequately saved for their rapidly approaching retirement years. Because of this, many boomers believe the only way to catch up is by investing in common stocks. But stocks are inherently risky, particularly for those close to, or in, retirement. Income Investing Today offers an alternative--income, through diversification over a variety of securities, that can provide a healthy annual cash income without the downside risks of the stock market. The virtue of income securities, says fixed income expert Richard Lehmann, is that once you understand them, the selection process is substantially easier and safer than for stocks, for a number of reasons. Credit ratings make risk evaluation highly reliable. You also aren't as vulnerable to price fluctuations due to quarterly earnings reports and missed forecasts since the companies' survival--not its prosperity--is your main exposure. And you won't often see a bond or preferred drop by 20% when a company misses its sales or earnings forecasts, but when this happens it probably represents a buying opportunity. Lehmann shows you exactly how to achieve a high level of income without inordinate amounts of risk and details the best way to diversify portfolios into nontraditional income securities across a range of sectors--so that interest rates alone won't overly affect a portfolio. The author clearly explains the basic investing concepts you need to understand and the various investment vehicles that are currently attractive. He describes the full spectrum of choices available to people interested in income investments, including bonds, Canadian energy trusts, convertibles, REITs, closed end funds, hybrids, and more. In addition, he suggests specific investment strategies and portfolio allocations that will help you build a safe, diversified portfolio of investments. In spite of all you may have heard about stocks versus income investing, it is not an either-or choice. Properly done, a portfolio with a diversification of income securities can, over time, equal or exceed the returns from common stock investing with much lower risk. It has worked for the author. In Income Investing Today he shows how it can work for you.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
RICHARD LEHMANN is President of Income Securities Advisors, Inc. (ISA), and publishes the Forbes/Lehmann Income Securities Investor newsletter, as well as the ETF Investor Newsletter and Distressed Debt Securities Newsletter. He founded the Bond Investors Association (BIA) in 1983 as an information and advocacy organization for individual bondholders. ISA is the successor to BIA. Lehmann is also a columnist with Forbes magazine and has been actively involved in fixed income advising and bond defaults since 1976. He is also the portfolio manager of the Fallen Angels Income Fund (FAINX), a publicly traded no-load fund. Lehmann has taught finance and accounting in Miami and has spoken at numerous investment seminars. He holds an MBA from Columbia University, is a CPA, and an SEC-registered investment advisor. Visit www.incomesecurities.com for more information.
Inhaltsangabe
Foreword xiii Preface xv Introduction xvii 1 The Why and How of Fixed Income 1 Why Consider Fixed Income 1 Growth versus Income (Stocks versus Bonds) 1 What Kind of Investor Are You? 4 Investment Strategies 5 Asset Allocation 5 The Right Allocation for You 6 Diversification 7 Retirement Planning 11 What's Exciting about 6 Percent Returns? 14 What You Need to Know about Risk and Uncertainty 17 Subjective Risks 18 Objective Risks 19 Uncertainty 20 Understanding Interest Rates: General Features 21 Compound Interest 31 When Interest Rates Rise 32 Comparative Yields Explained 34 What to Pay: Fair Value Pricing 38 When to Sell 40 Using Leverage and Margin 43 Credit Ratings 43 Below-Investment-Grade Ratings 46 How to Read the Ratings 49 Credit Ratings Drift: An Ongoing Problem 51 The Federal Reserve Bank 52 Security Dealers and Brokers 56 2 Information Sources and How to Use Them 59 Investment Advice via the Media 59 Prospectuses 60 Misuse of the English Language 64 Getting Railroaded by China 66 When to Worry about the Accounting 69 Financial Statements 71 Balance Sheet 73 Income Statement 75 Statement of Cash Flows 76 Shareholders' Equity Statement 77 Defining Earnings 78 More Important than the Numbers 79 Summary 80 3 Bonds 81 Basic Features 81 U.S. Treasuries 83 Corporate Bonds 88 Equipment Trust Certificates 90 Direct Access Notes 90 Junk Bonds 92 Step-up and Pay-in-Kind Bonds 93 Zero-Coupon Bonds 94 Put Bonds 95 Insured Municipal Bonds 96 Lower Rated Muni Bonds 99 Conduit Bonds 100 Taxable Munis 100 Unrated Munis 101 Buying Municipal Bonds 103 Municipal Bond Defaults 104 Miscellaneous Topics 105 The Bond Indenture and Trustee 105 Call Provisions 106 Put Provisions 109 Money Market Accounts and Funds 110 Certificates of Deposit 111 Duration 111 Questions to Ask When Buying a Corporate Bond 113 Questions to Ask When Buying a Muni 114 4 Preferreds and Hybrids 117 General Features 117 Hybrids: Bonds/Indirect Bonds 118 Preferred Equity Traded (PET) Bonds 118 Trust Preferreds 119 Third-Party Trust Preferreds 120 Foreign Preferreds 121 Partnerships 121 Perpetual Preferred Stock 122 Buying Preferreds 122 5 Convertibles and Adjustable-Rate Debt 127 Convertible Bonds 127 Convertible Preferreds 129 Adjustable-Rate Debt 132 6 Income Stocks 135 Overview 135 Canadian Energy and Royalty Trusts 136 Other Canadian Trusts 138 Real Estate Investment Trusts (REITS) 139 Other Common Stocks 140 7 Mutual Funds 143 Overview 143 Bond Funds 145 Junk Bond Funds 147 Municipal Bond Funds 148 International Bond Funds 149 Exchange-Traded Funds (ETFs) 149 Closed-End Funds (CEFs) 152 Closed-End Bond Funds 153 Closed-End Preferred Funds 154 Buy-Write Funds 155 8 Securities and Other Investments to Avoid 157 Unit Investment Trusts (UITs) 157 Derivatives 158 SEQUINS and ELKS 160 PARRS 161 Hedge Funds 162 Commercial Paper, Bankers Acceptances, and Repos 164 Collateralized Debt 164 9 Other Topics of Interest 167 Bankruptcy 167 Endgame Strategies 173 Tax Strategies 174 Dividend Strategies 175 Taxation and Mandatory Convertible Preferreds 176 Tax Reporting 177 Original Issue Discount 180 10 Summing Up 183 A Long-Term Strategy for Income Investing 183 Appendix Internet Investment Information Sources 189 Glossary 199 Index 227
Foreword xiii Preface xv Introduction xvii 1 The Why and How of Fixed Income 1 Why Consider Fixed Income 1 Growth versus Income (Stocks versus Bonds) 1 What Kind of Investor Are You? 4 Investment Strategies 5 Asset Allocation 5 The Right Allocation for You 6 Diversification 7 Retirement Planning 11 What's Exciting about 6 Percent Returns? 14 What You Need to Know about Risk and Uncertainty 17 Subjective Risks 18 Objective Risks 19 Uncertainty 20 Understanding Interest Rates: General Features 21 Compound Interest 31 When Interest Rates Rise 32 Comparative Yields Explained 34 What to Pay: Fair Value Pricing 38 When to Sell 40 Using Leverage and Margin 43 Credit Ratings 43 Below-Investment-Grade Ratings 46 How to Read the Ratings 49 Credit Ratings Drift: An Ongoing Problem 51 The Federal Reserve Bank 52 Security Dealers and Brokers 56 2 Information Sources and How to Use Them 59 Investment Advice via the Media 59 Prospectuses 60 Misuse of the English Language 64 Getting Railroaded by China 66 When to Worry about the Accounting 69 Financial Statements 71 Balance Sheet 73 Income Statement 75 Statement of Cash Flows 76 Shareholders' Equity Statement 77 Defining Earnings 78 More Important than the Numbers 79 Summary 80 3 Bonds 81 Basic Features 81 U.S. Treasuries 83 Corporate Bonds 88 Equipment Trust Certificates 90 Direct Access Notes 90 Junk Bonds 92 Step-up and Pay-in-Kind Bonds 93 Zero-Coupon Bonds 94 Put Bonds 95 Insured Municipal Bonds 96 Lower Rated Muni Bonds 99 Conduit Bonds 100 Taxable Munis 100 Unrated Munis 101 Buying Municipal Bonds 103 Municipal Bond Defaults 104 Miscellaneous Topics 105 The Bond Indenture and Trustee 105 Call Provisions 106 Put Provisions 109 Money Market Accounts and Funds 110 Certificates of Deposit 111 Duration 111 Questions to Ask When Buying a Corporate Bond 113 Questions to Ask When Buying a Muni 114 4 Preferreds and Hybrids 117 General Features 117 Hybrids: Bonds/Indirect Bonds 118 Preferred Equity Traded (PET) Bonds 118 Trust Preferreds 119 Third-Party Trust Preferreds 120 Foreign Preferreds 121 Partnerships 121 Perpetual Preferred Stock 122 Buying Preferreds 122 5 Convertibles and Adjustable-Rate Debt 127 Convertible Bonds 127 Convertible Preferreds 129 Adjustable-Rate Debt 132 6 Income Stocks 135 Overview 135 Canadian Energy and Royalty Trusts 136 Other Canadian Trusts 138 Real Estate Investment Trusts (REITS) 139 Other Common Stocks 140 7 Mutual Funds 143 Overview 143 Bond Funds 145 Junk Bond Funds 147 Municipal Bond Funds 148 International Bond Funds 149 Exchange-Traded Funds (ETFs) 149 Closed-End Funds (CEFs) 152 Closed-End Bond Funds 153 Closed-End Preferred Funds 154 Buy-Write Funds 155 8 Securities and Other Investments to Avoid 157 Unit Investment Trusts (UITs) 157 Derivatives 158 SEQUINS and ELKS 160 PARRS 161 Hedge Funds 162 Commercial Paper, Bankers Acceptances, and Repos 164 Collateralized Debt 164 9 Other Topics of Interest 167 Bankruptcy 167 Endgame Strategies 173 Tax Strategies 174 Dividend Strategies 175 Taxation and Mandatory Convertible Preferreds 176 Tax Reporting 177 Original Issue Discount 180 10 Summing Up 183 A Long-Term Strategy for Income Investing 183 Appendix Internet Investment Information Sources 189 Glossary 199 Index 227
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