Bond Reviews

Here is an investment volume screaming for a reason to exist. Since there are now at least a couple of near up-to-the-moment resources on convertible securities information, anyone who picks up a book like this is likely to be looking for some insights or practical advice on how to buy and handle these increasingly complex instruments. If that's what the reader is looking for, s/he won't find it here. So what does one find?

Over the past 2 years I've rummaged through several Noddings books, his work from the 1970s to this present volume, and they're all cliffhangers. That is, Noddings promises to guide you somewhere, and indeed he guides you to the top of a cliff --where he leaves you hanging. Interestingly, the best observations he currently offers concern warrant hedging, which is getting increasingly difficult to do successfully. Thus what's the point of the observations, here? Most of the rest of the book is a bit like looking at an owner's manual for something you don't own, with lots of diagrams and no supporting text/instructions.

Although this is an investment volume screaming for a reason to exist, there is a screaming need for good how-to literature on convertibles and convertible hedging. Noddings should have filled this need decades ago (when he started writing prolifically about this stuff), and might have kept a worthy and useful corner niche to readers hungry to understand this market. Instead, Noddings has a much larger and expanding corner of the second-hand book bin, which is exactly where this volume will go once you've spent about 20 minutes with it.

A large proportion of this book is devoted to tables of data that by the time you get round to reading will be well out of date. ...Furthermore, as a relative newcomer to convertibles, I frankly I can't see who would find this book useful. For beginners, it skimps over the details leaving you with the feeling you haven't learned very much and the pages and pages of numbers leave you feeling angry that you've wasted your money. As for the experts, anyone who's actually in the business would know all this stuff already, and would know enough to fill in the gaps (and there are a lot of gaps). Which begs the question: why and for whom was this book written ?!

...

I have not read the book, but I am interested in reading it and reviewing it. I lived and working in Africa for five years, during which time I did a lot of AIDS education and awareness programs for the people.

I would be happy to review the book if you would please send me a complimentary copy. Dr. Georgia Christensen, FSPA Viterbo University 815 South 9th Street La Crosse, WI 54601

Sincerely,

Georgia Christensen, FSPA

I bought this assuming to learn a little more about equities trading around the globe, surprise! Its a replica/reprint of the 1921 edition of the book, not really up to date enuff to trade off. Note that they didn't sell as many books in those pre-Amazon days, this is marked # 168 of nnnn?

Of interest to historians or the incurably inquisitive only. TP

Reading this guy's work is a real testimony to the staying power generated by doing something first. His 1967 paper on bankruptcy was the first to estimate a multivariate default prediction model. THAT'S 35 YEARS AGO. Things like computers and more data make both his estimation algorithm and parameter estimates relics of little significance, and his inability to recognize this is symptomatic of a more cluelessness exhibited in his discussion of other matters (he doesn't simply reference the old model; it's now irrelevant structure is examined and built upon throughout the book).

Very little of what is here is new, and what's new isn't that good either. Freshmen looking for succinct references to someone their professor has heard of but not read will appreciate this volume. I suggest reading S&P or Moody's research instead.

If you want some good ideas for a bathroom but still have that normal look, don't get this book. Stainless steel toilets and a sink in the shower stall with a mirror are some of the weird ideas that come out of this book. They even show industrial toilets that are mounted to the wall rather then the typical floor mounted toilet.

Some very strange colored tile patterns and designs and one bathroom even has old wood on the walls to give it that barn look. What kind of person would have wooden swing doors for a shower door and a bail of hay to sit on to change.

This kind of reminds me of abstract art that you would only find in California.

While Reynolds occasionally shows some originality, the majority of this book conatins spells that have already been covered in other forms. The Books of Eldritch Might would be a better bet.

I've read this book and was disappointed. There was no new light shed on the bond market, it was simply a regurgitation of what I've read anywhere else, everywhere else. The author I suppose is a serviceable writer, not stellar by any means, but there's nothing in this book that you can't learn anywhere else for free.

The portfolios presented here are no different than the characters you create for your own campaign. It has a convenience factor if you don't have time to do your own NPCs, but that's about it. Paradoxical juxtapositions show how characters can often be conflicted (a tiefling paladin is not much of a stretch, though), but this will come as no surprise to those already familiar D&D. There are better buys out there.

This book is completely useless. From the view of a quant, the author merely states the highlights/features of various structured derivative products as described in the prospectus. This information is readily available on FreeEdgar. No insights are offered what so ever. His typical description of the valuation method consists of "Merrill has developed a model similar to ours[the author's]... The model takes into account volatility, interest rate, ..." And that's it.
On the topic of whether the issuer should early call, Mr. Nelken's "conclusions" range from calling when the market price is below call price, to at call price, to above call price, and finally to way above call price. This is done through summarizations of other researchers' reports. Again, no opinions or analysis; merely book reports.
And finally, the not-advertised-as-demo CD-ROM is as useful as a coaster on a camping trip. There's no user guide for operating instructions. Not that it is necessary since most functions are disabled in the demo. But there are links to files I don't have.