Richard Sylla

Sidney Homer

A History of Interest Rates presents a very readable account of interest rate trends and lending practices over four millennia of economic history. Despite the paucity of data prior to the Industrial Revolution, authors Homer and Sylla provide a highly detailed analysis of money markets and borrowing practices in major economies. Underlying the analysis is their assertion that "the free market long-term rates of interest for any industrial nation, properly charted, provide a sort of fever chart of the economic and political health of that nation." Given the enormous volatility of rates in the 20th century, this implies we're living in age of political and economic excesses that are reflected in massive interest rate swings. Gain more insight into this assertion by ordering a copy of this book today.

A History of Interest Rates

Martin L. Leibowitz

First published in 1972, Inside the Yield Book revolutionized the fixed-income industry and forever altered the way investors looked at bonds. More than thirty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with new material by Martin L. Leibowitz that develops a horizon-based approach to present value and shows how these concepts can be generalized beyond bonds to become useful in the analysis of virtually any investment opportunity, including equities. Also included is a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers. Inside the Yield Book explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, loans--in fact, any securities or investments that involve compound interest and the determination of present value for future cash flows. In an era of calculators and computers, some of these important underlying principles are not always grasped thoroughly by market participants. Investors, traders, and analysts who want to sharpen their ability to recall and apply these fundamentals will find this book the perfect concise resource. This authoritative work, now significantly expanded, is more instructive, important, and useful than ever for mastering crucial concepts of time, value, and return, and for better comprehending their role within the world of investments, in particular, and finance, in general.

The Classic That Created the Science of Bond Analysis

Inside the Yield Book

A History of Interest Rates, Fourth Edition

Stanley Kogelman

A completely updated edition of the guide to modern bond analysis First published in 1972, Inside the Yield Book revolutionized the fixed-income industry and forever altered the way investors looked at bonds. Over forty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with new material from Martin L. Leibowitz. Along the way, it skillfully explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, and loans—in fact, any securities or investments that involve compound interest and the determination of present value for future cash flows. The book also includes a new foreword. Contains information that is more instructive, important, and useful than ever for mastering the crucial concepts of time, value, and return Combines the clear fixed-income insights found in the original edition with completely new knowledge to help you navigate today's dynamic market Includes over one hundred pages of new material on the role of bonds within the total portfolio In an era of calculators and computers, some of the important underlying principles covered here are not always grasped thoroughly by market participants. Investors, traders, and analysts who want to sharpen their ability to recall and apply these fundamentals will find Inside the Yield Book the perfect resource.

Explains the significance of interest-on-interest and introduces the concept of realized compound yield, which can be used to predict future bond values

Sidney Homer

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