Bonds Are Not Forever

Simon A. Lack 지음

Wiley 2013년 08월 06일 출간

작품소개

책소개

An up-close look at the fixed income market and what lies aheadInterweaving 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 Bonds Are Not Forever. 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, quot;Where should I invest tomorrow?quot;Bonds Are Not Forever 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, social, and political consequences of that disconnect.Provides practical solutions for avoiding the risk of falling bond markets and guaranteed negative real returns on savingsExplains how the bursting of the real estate bubble in 2007n-2008 led to massive borrowing by governments as they attempted to offset a sharp fall in economic activityDetails how the trends of exploding debt and a financial sector that has grown much bigger than it needs to be have dramatically changed the game for saversOffering a uniquely intimate, yet analytically thorough look at the coming fixed income crisis, Bonds Are Not Forever is must reading for investment professionals, as well as retail investors and their advisors.

목차

Preface xiAcknowledgments xiiiCHAPTER 1 From High School to Wall Street&m-The Bull Market Begins 1Inflation MemoriesAs Bad as It Gets 4Trading in Gilts 5The Old Class Structure 8A Nineteenth-Century Market 11Finance Starts to Grow 12Is Finance Good? 16Investing after the Bubble 20CHAPTER 2 A Brief History of Debt 23Interest Rates in Ancient Times 23Medieval Credit 26The Beginnings of Modern-Day Finance 28Borrowing Reaches the Mass Market 31Student Debt 39Big Borrowers in History 43What We Owe Now 45CHAPTER 3 Derivatives Growth 51Welcome to New York 52Early Derivatives Growth 56Swaps Take Off 61Size Isn&'t Everything 65Derivatives Reach Omaha 67Norwegian Wood 69CHAPTER 4 Bond Market Inefficiencies for Retail 73A Simple Market ModelStocks Are Fairer than Bonds 76Why Change Is Slow 79Structured Notes 81The Internet Threatens the Swaps Oligopoly 84Municipal Bonds 87CHAPTER 5 Trading Derivatives 93Before Banks Were Exciting Computers and Swaps 96Should Banks Innovate? 97Growth in Innovation 99Volcker&'s Problem 102Bring Me Clients with a Problem 103Derivatives Missteps 105Trading by the Book 107An Options Book Blows Up 110CHAPTER 6 Politics 115Government-Controlled Investing Why Should We Worry? 116Who Says There Is a Problem? 120Look to the Future 128Looking Ahead 129Monetization&m-A Thought Experiment 133Imperial Overstretch 136More Debt Means More Banking 141CHAPTER 7 Managing Risk 1990&n-1998 143Risk-Oriented Market MakingTraders and Risk 145Why Traders Are Bad at Budgeting 147The Growth of Global Trading 149Managing

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저자(글) Simon A. Lack

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Simon A. Lack has worked as a trader and hedge fund investor for more than thirty years. Following twenty#45;three years with J.P. Morgan, he founded SL Advisors, LLC, a Registered Investment Advisor, in 2009. Much of Simon#39;s career at J.P. Morgan was spent in North American Fixed Income Derivatives and Forward FX trading, a business that he ran successfully through several bank mergers and culminated in his overseeing fifty professionals and $300 million in annual revenues. In addition, Simon Lack sat on J.P. Morgan#39;s investment committee, allocating over $1 billion to hedge fund managers and founded the J.P. Morgan Incubator Funds, two private equity vehicles that took an economic stake in emerging hedge fund managers. Currently, Simon chairs the Investment Committee of Wardlaw#45;Hartridge School in Edison, New Jersey, and also chairs the Memorial Endowment Trust Investment Committee of St. Paul#39;s Episcopal Church in Westfield, New Jersey. He is the author of The Hedge Fund Mirage: The Illusion of Big Money and Why It#39;s Too Good to Be True, which received high praise from the mainstream financial press, including the Economist, the Financial Times, and the Wall Street Journal. Simon makes regular appearances on cable business shows as an expert on hedge funds and investing. He is a CFA charter holder.