THE COMPLETE BOOK OF BONDS: How to Buy and Sell Profitably by Robert L. Holt

THE COMPLETE BOOK OF BONDS: How to Buy and Sell Profitably

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KIRKUS REVIEW

As a prospectus, far from complete--though the stockbroker-author does provide an intelligible, prospectively helpful introduction to corporate and tax-exempt municipal bonds and to general buying-and-selling procedures. But except for occasional references to Treasury bills as a place to park funds temporarily, there is scarcely any mention of US government obligations, let alone agency issues--Government National Mortgage Association Modified Pass-Through Securities, Federal Farm Credit Banks Consolidated Systemwide Notes, et al. Also missing is a methodical examination of such attractive corporate alternatives as Title XI ship bonds (guaranteed by the US government), mortgage-backed securities (collateralized by pools of home loans), Yankee bonds (dollar-denominated debt offered by foreign companies or governments)--to name only a few. Analogous omissions--notably, public housing authority and tax-exempt mortgage bonds--mar the coverage of municipals. On the plus side, Holt satisfactorily surveys the market characteristics of bonds--which, as fixed-income vehicles, respond to interest-rate fluctuations. He runs through the factors that should be evaluated before a commitment is made: e.g., call (pre-maturity redemption) protection, creditworthiness of the issuer (using rating-service opinions as a starting point), the interest-rate outlook, liquidity, and yield to maturity. And he supplies step-by-step instructions on how to buy and sell bonds, with particular attention to appropriate commission charges. Altogether, he could give beginners a headstart. The more knowledgeable investor, on the other hand, will find his text both elementary and fragmentary--by comparison, in particular, with David Darst's similarly-titled, still-valid The Complete Bond Book (1975).

Pub Date: Nov. 9th, 1981
Publisher: Harcourt Brace Jovanovich