The Aleph Blog » Blog Archive » Book Review: Interest Rate Markets

Book Review: Interest Rate Markets

I was surprised by this book.  There is very little math in this book, which would make it a popular book for giving someone an introduction the bond markets.

It covers all of the non-credit, non-mortgage markets.  It will not replace Handbook of Fixed Income Securities 7th Edition, but it will supplement it, because this is an easier read on the areas that it covers.

Swaps, futures, rolls, options — this book gives a friendly introduction to all of them.

Quibbles

The flipside of no math is that many things are not explained as well as they should be, or get glossed over.  It would be better to ignore principal components analysis than to mention it and not give much explanation.  (A brief appendix, maybe?  Same for other math topics?)

Who would benefit from this book:

Beginners with a serious interest in the fixed income markets would benefit.  No one else.

If you want to, you can buy it here: Interest Rate Markets: A Practical Approach to Fixed Income (Wiley Trading).

Full disclosure: I asked the publisher for this book, and they sent it to me.  I read and review ~80% of the books sent to me, but I never promise a review, or a  favorable review.

If you enter Amazon through my site, and you buy anything, I get a small commission.  This is my main source of blog revenue.  I prefer this to a “tip jar” because I want you to get something you want, rather than merely giving me a tip.  Book reviews take time, particularly with the reading, which most book reviewers don’t do in full, and I typically do. (When I don’t, I mention that I scanned the book.  Also, I never use the data that the PR flacks send out.)

Most people buying at Amazon do not enter via a referring website.  Thus Amazon builds an extra 1-3% into the prices to all buyers to compensate for the commissions given to the minority that come through referring sites.  Whether you buy at Amazon directly or enter via my site, your prices don’t change.






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Disclaimer


David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at RealMoney, Wall Street All-Stars, or anywhere else David may write is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, "The markets always find a new way to make a fool out of you," and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves. Even the best strategies of the past fail, sometimes spectacularly, when you least expect it. David is not immune to that, so please understand that any past success of his will be probably be followed by failures.


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