Inside the Yield Book

The Classic That Created the Science of Bond Analysis

Homer, Sidney, 1902-

Book - 2004
Average Rating: 4 stars out of 5.
Inside the Yield Book
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.

Book News
Based on their experience as researchers in the investment industry, Leibowitz' and Homer's (d. 1983) 1972 book revolutionized the fixed-income industry and altered how investors look at bonds; it is here expanded by Leibowitz. The book develops a horizon-based approach to present value and shows how these concepts can be generalized beyond bonds to become useful in analyzing virtually any investment, including equities. No bibliography is provided. Annotation ©2004 Book News, Inc., Portland, OR (

Ingram Publishing Services

First published in 1972, "Inside the Yield Book underwent more than twenty-five printings and remains a standard among bond market professionals. Used copies sell for more than $100 online. This new edition brings the still-relevant classic back into print with a new introduction by coauthor Martin L. Leibowitz, now chief investment officer at TIAA-CREF, and a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers and one of the financial community's most-successful and most-respected figures. "Inside the Yield Book takes the bond investor behind the scenes and reveals in nontechnical terms the precise nature of bond yields and the ways in which they're often misunderstood and misused. It corrects many misconceptions about bond prices and yields as calculated in the standard Yield Book, and it provides a set of tools to aid in bond investment strategy that have made it the standard reference on bond math within the field of fixed income.

Publisher: Princeton : Bloomberg Press, c2004
ISBN: 1576601595
Characteristics: lxxiv, 205 p. ; 24 cm.
Additional Contributors: Leibowitz, Martin L. 1936-


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Inside the Yield Book
Homer, Sidney, 1902-
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