Sean P. Simko

Strategic Fixed Income Investing (eBook, ePUB)

An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management

• Format: ePub

Produktbeschreibung

Build a fixed income portfolio that will weather volatility and instability Designing a fixed income portfolio is an essential skill of any investment manager or advisor. This book outlines the critical components to successfully navigate through stable and turbulent markets, using real-life lessons from a seasoned institutional asset manager. The first section includes commentary on the changing fixed income market and overall economy, while the second section outlines the processes to navigate these ever-evolving markets including portfolio construction, the Federal Reserve, credit analysis and trade execution. Ladder Methodology is highlighted and the book discusses its pros and cons, gives examples of both well-constructed and poorly executed laddered bond portfolios and offers alternatives to traditional asset classes. * Benefit from lessons learned, providing real life examples of market scenarios and trades * Prepare fixed income portfolios that can weather any storm * Written by Sean P. Simko, an expert on fixed income investing, who shares his investing experiences from the past 16 years * Outlines the key principles of the Ladder strategy From strategy to execution, Strategic Fixed Income Investing offers the road map to help investment managers prepare portfolios that will insulate investments against adverse market conditions.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 208
• Erscheinungstermin: 7. Dezember 2012
• Englisch
• ISBN-13: 9781118479476
• Artikelnr.: 37338771

Autorenporträt

SEAN P. SIMKO is the Head of Fixed Income Portfolio Management at SEI, and a sought-after expert on fixed income investing and the financial markets. He leads a team of investment professionals responsible for research, analysis, implementation, and ongoing portfolio management of over $7 billion of fixed income strategies. Prior to joining SEI, Mr. Simko was vice president and portfolio manager for Weiss Peck & Greer Investments and was responsible for managing approximately $6 billion in assets through various strategies including short duration, tips, structured products, futures, and currencies. Mr. Simko has appeared on Bloomberg TV and radio and frequently on Money Matters, and he is regularly quoted in the Wall Street Journal and other mainstream publications. He has written numerous articles for financial magazines, including most recently, December's issue of Investment Advisor.

Inhaltsangabe

Preface xi Acknowledgments xiii PART ONE The Investing Environment 1
CHAPTER 1 Expect the Unexpected 3 The Model Has Changed 4 Lessons Learned
4 From Bad to Worse 5 CHAPTER 2 Navigating through Troubled Water 7 Debt
Ceiling 8 Triple A: Lost, but Not Forgotten 8 Possible, but Not Probable,
Consequences 9 Warning Signs 12 CHAPTER 3 Lessons Learned 15 Patterns
Emerge 16 Money Markets 18 Treasury Bills, the Favored Asset Class 20
Municipals Felt the Pain as Well 25 Auction-Rate Markets Were Hit Hard 27
CHAPTER 4 Direction in a Sometimes Directionless Market 29 Finding
Direction 30 PART TWO The Fixed Income Investor 35 CHAPTER 5 Define the End
Investor 37 Risk 40 Risk-Averse Investor 42 A Problematic Trade? 43
Risk-Taking Investor 44 Define Your Strategy 45 Active Strategy 47 CHAPTER
6 Portfolio Construction 49 Factor 1: Defining Your Risk 50 Factor 2:
Aligning Goals 51 Conservative Strategy 54 Moderate Strategy 56 More
Aggressive Strategy 56 Factor 3: Portfolio Analysis 59 Reduction of Credit
Risk 62 Government Securities 64 Risks to Consider 65 Bottom Line 69
CHAPTER 7 Asset Allocation 71 The Road Map 72 Going Global 76 CHAPTER 8 The
Federal Reserve and Central Banks 81 Hawks and Doves 82 The Fed Funds Rate
82 A Short-Term Fixed Income Investor 83 Hooked on Accommodation 83
Deposits with Central Banks 84 What about the United States? 86 FOMC: Look
for Clues from the Fed Statement 88 What to Look For from the Fed . . .
Clues? 88 FOMC Statement: August 2011 89 QE or Not QE 92 Calming Statements
for Investors 93 CHAPTER 9 The Economy and the Markets 95 The Payroll
Picture: The Backbone to the Economy 97 Bureau of Labor Statistics Website
97 Inflation: A Fixed Income Investor's Enemy 103 Consumption: America's
Fuel 109 The Federal Chairman: The Wizard Himself 110 CHAPTER 10 The Yield
Curve 111 The Spread 115 The Money Market Arena 116 The Direction of Rates
118 A Steep Yield Curve 119 A Flat Yield Curve 120 An Inverted Yield Curve
121 Listen to the Curve 123 CHAPTER 11 The Ladder and Why You Need One 125
How It Works 126 The Concept 126 The Goal 129 The Long End Poses Challenges
131 The Front End Is Technical 133 Varieties of Short-Term Strategies 133
The Sweet Spot 134 Liquidity 134 Consistent Coupons 137 Why Is Supply
Important? 138 Performance and How to Measure It 140 Low-Turnover Dilemma
141 Success of a Strategy 142 CHAPTER 12 Alternatives to a Traditional
Ladder Strategy 145 TIPS: The Other Treasury 147 Break-Even Opportunity 148
Consider MBS Pools of Mortgages 150 Consider Corporate Bonds 151
Floating-Rate Notes 153 What Is LIBOR? 154 A Deeper Look at LIBOR 154 The
Bottoming Process 156 CHAPTER 13 Credit Analysis 159 The Agency 159 Credit
Analysis: Necessary, Not Optional 160 Credit for a Passive Strategy 161
After the Initial Approval 163 Not All Bonds Are Equal 164 Stay Ahead of
the Herd 166 CHAPTER 14 The Four Pillars of Trade Execution 169 The First
Pillar: Executed Price 171 The Second Pillar: Dealer Inquiries 173 The
Third Pillar: Liquidity 174 The Fourth Pillar: Ease of Transaction 174
CHAPTER 15 There Are No Roadblocks, Just Detours 177 Know What You Own 177
Banking Sector 178 Go with Your Gut! 179 Don't Take It Personally 181
Trapped in Purgatory 182 Index 185