S**P
发帖数: 1290 | 1 Fund的好处是风险低吧。
自己挑的bond万一破产了怎么办。。。？
我一直想买点bond, 不过还没学习好，不知道买啥。该去哪里找信息呢？
有没有五到十年期的bond, 利息>4% 风险又是很低的？
[在 Kcfiduciary (Kcfiduciary) 的大作中提到：]
:"I would rather believe there will be a 20 to 30 years of rising
:interest rate environment." That's not a well-kept secret, is it
? Why
:would I want to do something differently and what alternatives do I have?
:如果這個20到30 年rising interest rate 的打環境大家意見一致就好辦了.
:Laddered bond 本身并不比bond fund 更好. 但在这个利率将长期上涨的大环境&#
:. 中间调整maturity 的时候也是要有这个损失. ... 阅读全帖 |
|
S**P
发帖数: 1290 | 2 呃， 如果把AGG看成股票的话一切都make sense. 问题是我需要bond, 或者说，我需要
像CD一样，在一段时间后能全部转成cash的投资方式。
感觉你说的bond fund只能长期track某一种bond的performance, 但是不能像bond一样
到期兑现啊。
[在 sephiroth (SOLDIER) 的大作中提到：]
:用AGG作个例子,AGG tracks the Barclays U.S. Agg index - 5bps for expense
:ratio. "你可以当AGG就是一个股票。有股息，股价也会波动。" It pays
dividends/
:coupons every month, which you can reinvest in the ETF itself automatically
to achieve the total return .
:Behind the scene, both AGG and Agg index are just massive bond ladders,
with the Agg in... 阅读全帖 |
|
l******u
发帖数: 3169 | 3 不太明白你的说法，interest rate变了又不会改变你的coupon rate。简单的说，bond
看两个东西：duration and yield。yield是用你的买入价格计算的你的实际收益率，
如果yield高过
inflation，才是positive的。duration是你recover买入价所花的时间，越长的
duration，interest rate risk越大。比如interest rate上升1%，5年duration的bond
就会跌5%...
再说你买的是bond fund又不是单独的bond，还是要计算total return的啊。。。
bond的volatility是比equity小很多，只是现在bond被严重高估，至少我这么认为。现
在的低利率是被QE人为搞出来的，一旦经济启动，inflation和利率都会上去，bond会
受到双重打击。。。
并不是说bond不好，只是买bond也好，equity也罢，都是根据自己需要，没有必要
performance chasing。 |
|
h******b
发帖数: 6055 | 4 Amazing pick! Is it gone already? It is incredible to be able to get such
a short term bond with 6%, on a major name like best buy. Unless you trade
individual bonds you don't even understand how good it is.
I have been following your posts on bonds and tried out Fidelity. I made
1500 in last month alone using Fidelity screening tool, on just price
movements alone off 50k. Great bonds are extremely hard to find. You have
to run the screener many many times a day and it is like a flash sale... 阅读全帖 |
|
y****i
发帖数: 778 | 5 The term 30 year is too long. High rating corporate bond has the same
interest risk as treasury bond. If the interest goes up, you will lose money
if you want to sell it before maturity. You can buy taxable municipal bond
like BAB with AGM or MBIA insured, 7-15 year maturity bond will give you 5-6
% yield, or even zero coupon bond to boost the yield since your investment
is for your daughter's tuition. If your daughter is 7 year old, you can set
up bond ladder with 10,11,12,13 year maturity to p... 阅读全帖 |
|
M********r
发帖数: 278 | 6 I happen to be one of those who thinks everybody needs bond regardless of
their age. But whenever I see a post like this, I cannot help but question
LZ: what makes you interested in the bonds all of sudden? Are you aware of
the risks associated with bond investing?
In my opinion, the purpose to have bonds in the portfolio for long term
investors who are relatively young is neither capital appreciation nor
income generation. The current yields on bonds of almost any duration are
historically low,... 阅读全帖 |
|
M*****2
发帖数: 77 | 7 bond fund 的performance都是瞄准相应的index 的performance。比如有7-10年的巴克
莱bond index 为标的的ibond fund。对于你的问题，需要考虑利率对bond影响。bond
的对利率的敏感度等于bond的maturity。所以利率上涨，bond的价格像30年这种下跌就
很多。你自己买bond，hold到到期日不卖掉的话，现金流都是确定不变的。但是买fund
你最后出来时需要按市场价卖掉自己的份额。由于bond的价格随利率升高而降低，所以
如果打算长期持有，不建议买bond fund。 |
|
w***n
发帖数: 1519 | 8 "不建議買bond fund ,建議買bond. 區別在哪裡呢？？bond fund 沒有到期日，而
bond
是有確定的到期日的... 到期拿回本金. 利率的变动对你的回报没有影响."
This is a misconception debunked so many times. It's just mental accounting.
Upon interest hikes, you can ignore the market fluctuations all you want,
and pretend that the value of your individual bonds doesn't suffer a loss,
but in reality the loss has already occurred.
https://www.cbsnews.com/news/bonds-vs-bond-funds-an-easy-choice/
It's better to hold a low-cost bond fund whose effective maturity m... 阅读全帖 |
|
s*******h
发帖数: 1361 | 9 I want to be clear that I was not promoting AGG in my previous post. I was
simply using it to explain the mechanism of a typical bond ETF or a bond
index (using Barclays Agg).
It’s not meaningful to calculate the interest/yield of a bond ETF (or any
ETF). They are exchange traded and marked to market at any moment. I am
guessing you simply plug it into a bond calculator and treat it as a
perpetual bond (or a 20-year bond) and it gives you a negative rate using
the current level of around 109. An... 阅读全帖 |
|
M*****2
发帖数: 77 | 10 bond fund 的performance都是瞄准相应的index 的performance。比如有7-10年的巴克
莱bond index 为标的的ibond fund。对于你的问题，需要考虑利率对bond影响。bond
的对利率的敏感度等于bond的maturity。所以利率上涨，bond的价格像30年这种下跌就
很多。你自己买bond，hold到到期日不卖掉的话，现金流都是确定不变的。但是买fund
你最后出来时需要按市场价卖掉自己的份额。由于bond的价格随利率升高而降低，所以
如果打算长期持有，不建议买bond fund。 |
|
w***n
发帖数: 1519 | 11 "不建議買bond fund ,建議買bond. 區別在哪裡呢？？bond fund 沒有到期日，而
bond
是有確定的到期日的... 到期拿回本金. 利率的变动对你的回报没有影响."
This is a misconception debunked so many times. It's just mental accounting.
Upon interest hikes, you can ignore the market fluctuations all you want,
and pretend that the value of your individual bonds doesn't suffer a loss,
but in reality the loss has already occurred.
https://www.cbsnews.com/news/bonds-vs-bond-funds-an-easy-choice/
It's better to hold a low-cost bond fund whose effective maturity m... 阅读全帖 |
|
s*******h
发帖数: 1361 | 12 I want to be clear that I was not promoting AGG in my previous post. I was
simply using it to explain the mechanism of a typical bond ETF or a bond
index (using Barclays Agg).
It’s not meaningful to calculate the interest/yield of a bond ETF (or any
ETF). They are exchange traded and marked to market at any moment. I am
guessing you simply plug it into a bond calculator and treat it as a
perpetual bond (or a 20-year bond) and it gives you a negative rate using
the current level of around 109. An... 阅读全帖 |
|
r*m
发帖数: 16380 | 13 传统的说法是bond涨一般stock跌，原因无非是两点。第一，bond相对安全，资金在不
看好股市时就要去bond避险。第二，钱就这么多，流去bond了，自然stock要跌。
最近有很多新闻数据说bond卖的很好，甚至junk bond也卖出了record。对此，我认为
反而对股市是好消息。第一，说明市场上钱很多，很低利息的bond也有人抢。第二，
junk bond大卖，企业有了低息贷款，其实改善了基本面，降低了破产风险。所以，我
判断股市跌也跌不到哪里去，资金早晚还要回来抢基本面改善了的股票。毕竟，bond
downside虽然小，但upside是属于stock的！ |
|
g**c
发帖数: 2339 | 14 Goldman Sachs strategists have issued a big warning to clients hiding out in
bond funds: You're about to lose your shirt.
The reason: interest rates began rising this week, and if they return to the
historical average yield of 3 percent, prices for long-term bonds will
plummet. (By their very nature, fixed income prices must fall if rates rise.)
"A reversion of risk premiums to historical averages of 6% nominal rates (3%
real rates and 3% inflation) would suggest estimated losses in portfolios
w... 阅读全帖 |
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M*********e
发帖数: 1988 | 15 【 以下文字转载自 Whisper 讨论区 】
发信人: MinnieMouse (迷你冒丝--脾气糟糕爱撒娇), 信区: Whisper
标 题: Bond, silva and M (spoiler)
发信站: BBS 未名空间站 (Sun Nov 11 10:05:21 2012, 美东)
我大概一定是因为变成大妈了，看新上映的007的片子，居然被里面的母子情感hit.
简单spoiler一下，头号坏蛋silva本来是M手下的得意战将，但是一次间谍行动时被（
万恶的）china抓住并折磨，他认为这是M的责任。他试图吞毒自杀，但是不舍，因为“
I knew I had to look into your eyes one more time”。他疯狂报复M，并试图招安
Bond，告诉他M故意让没有准备好的Bond执行任务，有意放弃他，让他牺牲，告诉他，
“Mommy has been very bad”。
就像一个本来被妈妈宠爱的孩子，有一天被遗弃了，愤恨，妒嫉，不甘。妈妈为什么不
再爱我？妈妈有没有曾经爱过我？
Have you ever loved me? 这个问题一旦问出，... 阅读全帖 |
|
y****i
发帖数: 778 | 16 国债利率是历史低点，所以bond fund利率风险比individual bond还高。Personally I
like lower rating investment BBB grade bonds because their yields are much
higher than high ratind bond like A or AA grade. If you need liquidity, you
can buy corporate bond like Genworth. 几万块可以分成一万为单位，买入不同年份
到期的。If you hit AMT or your income tax bracket is 28% or higher, you
should also consider municipal bond because it is tax free and can be
insured by monoliner insurance company who will continue to pay you interest
and principal even ... 阅读全帖 |
|
f******n
发帖数: 45 | 17 对的。bond fund 和bond是两码事，现在bond allocation, 要用bond,laddered bond
或者floating rate.
: 也觉得有人在谈bond， 有人在说bond fund。有谁能给解释具体点吗？大多数还
是买的
: bond fund吧。
|
|
发帖数: 1 | 18
如果我没有看错. 你是在建议不断调整bond fund duration. 還是回到前面的例子。
我的投資期還是十年. 在極端理想的情況下。第一年買一個effective maturity 10 年
的bond fund. 第二年把這個賣掉換一個 effective maturity 9 年的bond fund第三
年換一個effective maturity 8 年的 bond fund最後一年是effective maturity 1 年
的bond fund.
那麼問題來了一: 实际操作的时候，找对应的effective maturity 的bond fund 好找
吗？ bond fund 的effective maturity 是固定的吗？二： 卖掉effective maturity
10年的bond fund 的时候，如果利率上升了，是不是有实际的亏损.？如果利率年年上
升，每年在做调整的时候是不是年年都有本金方面实际的亏损？ |
|
S**P
发帖数: 1290 | 19 感觉用fund很难操作啊， Kc说得比较好理解。
[在 wltsn (waterfall) 的大作中提到：]
:"不建議買bond fund ,建議買bond. 區別在哪裡呢？？bond fund 沒有到期日，而
:bond
:是有確定的到期日的... 到期拿回本金. 利率的变动对你的回报没有影响."
:This is a misconception debunked so many times. It's just mental
accounting. Upon interest hikes, you can ignore the market fluctuations all
you want,
:and pretend that the value of your individual bonds doesn't suffer a
loss,
:but in reality the loss has already occurred.
:https://www.cbsnews.com/news/bonds-vs-bond-funds-an-easy-choi... 阅读全帖 |
|
发帖数: 1 | 20
如果我没有看错. 你是在建议不断调整bond fund duration. 還是回到前面的例子。
我的投資期還是十年. 在極端理想的情況下。第一年買一個effective maturity 10 年
的bond fund. 第二年把這個賣掉換一個 effective maturity 9 年的bond fund第三
年換一個effective maturity 8 年的 bond fund最後一年是effective maturity 1 年
的bond fund.
那麼問題來了一: 实际操作的时候，找对应的effective maturity 的bond fund 好找
吗？ bond fund 的effective maturity 是固定的吗？二： 卖掉effective maturity
10年的bond fund 的时候，如果利率上升了，是不是有实际的亏损.？如果利率年年上
升，每年在做调整的时候是不是年年都有本金方面实际的亏损？ |
|
S**P
发帖数: 1290 | 21 感觉用fund很难操作啊， Kc说得比较好理解。
[在 wltsn (waterfall) 的大作中提到：]
:"不建議買bond fund ,建議買bond. 區別在哪裡呢？？bond fund 沒有到期日，而
:bond
:是有確定的到期日的... 到期拿回本金. 利率的变动对你的回报没有影响."
:This is a misconception debunked so many times. It's just mental
accounting. Upon interest hikes, you can ignore the market fluctuations all
you want,
:and pretend that the value of your individual bonds doesn't suffer a
loss,
:but in reality the loss has already occurred.
:https://www.cbsnews.com/news/bonds-vs-bond-funds-an-easy-choi... 阅读全帖 |
|
g*********9
发帖数: 1285 | 22 从历史数据看，bond收益勉强match通胀 在这个QE泛滥的低利息的时代，bond收益根本
跑不过inflation。FED用的那个inflation rate, 已经是勾兑过的，严重扭曲。如果
FED继续加息，或者通胀来临，bond会跌得很惨，随便找个bond fund,看看过去两个月
的perfomrance, 这才刚开始。一句话，现在买bond意味着亏钱， 都不如存现金。买
utility股票都比bond强。trump当选以来，利息都高，utility一路下跌，yield已经有
4%了。抵御inflation, 只有all in stock。我是不屑于买utility和bond的，除非是大
跌之后。 |
|
y****i
发帖数: 778 | 23 You are right, that's why I skipped treasury bond and most bond with AA or
higher rating bond because the interest risk is so high.
The best opportunity now is Kicker bond or lower rating muni bond with AGM
or MBIA insured. Details can be found in bond club:
http://www.mitbbs.com/clubarticle_t/Bond/31335637.html
Coupon, yield, yield to worst(call), Kicker bond |
|
s*****p
发帖数: 5342 | 24 呵呵,不算MHP吧?
http://online.wsj.com/article/BT-CO-20130104-704265.html
By Min Zeng
A disappointing jobs report put a brakes on a week-long selloff in Treasury
bonds Friday, helping the bond market recoup some losses.
The benchmark 10-year note's yield, which moves inversely to its price, rose
to as high as 1.974% before the data on optimism of a strong release. That
was the highest level since April 2012.
In recent trade in New York, the benchmark 10-year note fell by 13/32 in
price, yielding 1.945... 阅读全帖 |
|
s**********t
发帖数: 455 | 25 Bond 转型成打手那就不是Bond了。这里可能很多人认为Pierce Brosnan 就是Bond。错
。Bond的本来面目是一个风流倜傥，享受生活，womanizing,同时又心狠手辣的rake特
务。他能尝一口就能知道美酒的年份和温度，飞机，快艇，帆船，摩托，跑车，宇宙飞
船，女人的心理和身体，样样精通。他只用Walther PPK(skyfall 的homage之一），只
喝Vodka Martini, shaken, not stirred (Daniel Craig 在Casinoa Royale里面就坏
了规矩“Do I look like I give a damn?")同时，Bond还是调情高手，凡是他碰过的
女人，都无一例外地俯首帖耳。
Daniel Craig除了能打和练了一身的栗子肉，完全没有了经典Bond的style。Craig的
Bond，似乎对任何东西都没什么讲究，只要get the job done。真正要Bond归原位，要
一个懂得享受生活，享受女人的人来演，而不是一个愤世嫉俗的冷面杀手。 |
|
M*********e
发帖数: 1988 | 26 我大概一定是因为变成大妈了，看新上映的007的片子，居然被里面的母子情感hit.
简单spoiler一下，头号坏蛋silva本来是M手下的得意战将，但是一次间谍行动时被（
万恶的）china抓住并折磨，他认为这是M的责任。他试图吞毒自杀，但是不舍，因为“
I knew I had to look into your eyes one more time”。他疯狂报复M，并试图招安
Bond，告诉他M故意让没有准备好的Bond执行任务，有意放弃他，让他牺牲，告诉他，
“Mommy has been very bad”。
就像一个本来被妈妈宠爱的孩子，有一天被遗弃了，愤恨，妒嫉，不甘。妈妈为什么不
再爱我？妈妈有没有曾经爱过我？
Have you ever loved me? 这个问题一旦问出，无需答案，就已经输了，就已经受伤了。
在silva面对M的两场戏里，第一场，silva跪下，给M看他受伤的上颚，请求M称呼他的
真实名字。第二场，silva追堵M到了一个破败的教堂中，发现受伤的M，他把自己的头
和M的头靠在一起，请求M用一颗子弹结束他俩的生命。大概任何的情感诉求到了极致，
都到不求... 阅读全帖 |
|
s********0
发帖数: 2687 | 27 我不明白的是：Issuing bonds payable between interest date.
Air west airline has $10000 of 8% bonds payable that are dated Jaunary 1.
That means the interest starts accruing on January1
Suppose it issues these bonds on April 1, how should we account for the
interest for January, Feb, March
难道一个公司has bond和issue bond是两回事清？
一个公司has bond但是不issue,当3月以后，bond在这3月中产生的interest为什么公司
还要从bondholder手里要啊？公司根本没给他们bond啊，在前3个月？
我哪里没明白吗？哎 |
|
p**z
发帖数: 1311 | 28 1. I issue bond to you means I borrow money from you like a loan. I will
give you interest calculated based on the bond face value(usually $1000)
every quarterly or half of the year.
To accured the interest on bond are below?
D: Bond interest Expense
C: Bond interest Payable
2. I have a bond from you means I buy the bond and I'm holding it. I should
receive quarterly interest payment from you.
But the question say has a "bond payable" probably means #1. |
|
w********0
发帖数: 1211 | 29 这个问题问出来可能让很多人惊诧，但的确困扰我多年了。
自己在投行的risk部门干了几年了，也算是熟悉各种产品的capital计算方法。比如
RMBS之类的securitized products得按regulatory rule的一个表格，主要取决于
rating, 从0.56%到100%的market value不等。一些其他的product, 像coporate bond,
rate derivative, equity等等，只要有经批准的model, 可以通过算VaR,SVaR,IRC等
部分确定capital。
但问题是，之所以regulator对银行有capital的要求，说通俗点，就是要银行做生意时
，自己得赔得起，而不是一旦出现状况，由于capital不够，就破产了，结果坏账分摊
给社会。
如果这个理解正确，那银行买进一个bond，难道不是钱已经付出去了吗，就算这个bond
亏得一文不值，也不至于变成一个负数，让银行破产啊。
就好比我们个人，哪怕拿自己全部的积蓄去炒股票，哪怕全亏光，家庭总资产也就是清
零，
而不会变成负数的（只要没别的债务）。除非你是问人借钱炒股票，那的... 阅读全帖 |
|
m*********a
发帖数: 3299 | 30 Why 30 year treasury bonds yields more than agency bonds?
Current yield for 30 year treasury bonds is 4.81%
Fannie Mae’s current-coupon 30-year fixed-rate mortgage bonds is 4.56%.
It puzzles me. Is it that leverage can be used to buy agency bonds but not
treasury bonds? |
|
y****i
发帖数: 778 | 31 【 以下文字转载自 Bond 俱乐部 】
发信人: stanleyli (Stanley), 信区: Bond
标 题: 买bond或者bond ETF会有需要用钱的时候卖不掉的风险么？
发信站: BBS 未名空间站 (Sat Mar 2 18:07:42 2013, 美东)
我看很多bond尤其是bond ETF，流动性都很小。不知道会不会出现有需要用钱的时候卖
不掉或者只能低价卖掉的问题？ |
|
|
y****i
发帖数: 778 | 33 1st is a PR bond which facing downgrade to junk bond risk, I will wait until
May or June after new issue PR bond set up the benchmark for the old bond.
2nd is the Yankee Stadium revenue bond which has 33 year to maturity, the
term is too long for me because the interest risk is too high. If you have
the speculation that bond yield will go lower, then you can give it a trial.
Otherwise I recommend look for a bond with 12-24 year maturity. |
|
N****g
发帖数: 2829 | 34 理论上说我这个年纪确实不应该重仓Bond，以前确实是重仓股票fund的，但08年经济危
机亏怕了，有的股票fund到现在还套着，后来看到Bond fund不比股票fund收益差，新
钱都买Bond fund了。我其实心也不黑，只希望能有个4-5%的收益率，别亏本就可以了
，bond fund风险低，最近几年收益又很高，是我重仓bond fund的原因。但最近bond有
点不好，所以想着应该降低Bond fund比例了。 |
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b*****o
发帖数: 715 | 35 你都自己回答这个问题了。
bond price基本和股价没有关系，而是主要受利率的影响。最近利率从低谷涨回来了，
自然bond会跌。
另外，Total Bond Market Index Fund 是intermediate-term类型的bond fund。所谓
intermediate，就是默认你至少会hold 3－5年，不然没有意义。如果lz打算经常换
bond的话，应该买short-term类型的bond（当然如果你预测利率持续攀升，那么买
short-term bond也是会跌的）。 |
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M********r
发帖数: 278 | 36 我的主要意思不是说现在是或者不是买bond的好时机， 我要说得是你要是想赚一笔就
走，或者希望吃bond的利息，那现在的市场真的是很tricky, 但是假如你是一个真正的
长期投资者（比如为退休投资），而且已经有了足够的股票，为了长期的
diversification, 那么现在买一些债，一点问题都没有。 如果是这样，bond index
fund or bond etf, 是很好的选择。只要是high quality的bond 比如国债（shy, ief,
tlt)或者更broad的lqd agg, 或者相对应的bond index fund 都可以。我不建议买
individual bond. |
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S**P
发帖数: 1290 | 37 仍然不是很懂你说的第二第三点比如那个10年duration的bond fund。
股票的etf比较好理解，我可以当spy就是一个股票。有股息，股价也会波动。
但是bond fund怎么操作的我还是不明白。 如果是买十年的bond, 到时候我就是拿本金
出来。 可是你说的大约为十年的bond fund买了以后十年后会怎么样？ 我还是要卖了
才能拿钱出来对不对？ 理论上到时候的市场价应该和我的本金是一样的？
[在 sephiroth (SOLDIER) 的大作中提到：]
:I see a few misunderstandings about investing, and in particular fixed
:income investing in this post. Some have been debunked, but others are not
:clarified and more are created in the replies. Hope my two cents can help
op and others with a better understandin... 阅读全帖 |
|
S**P
发帖数: 1290 | 38 仍然不是很懂你说的第二第三点比如那个10年duration的bond fund。
股票的etf比较好理解，我可以当spy就是一个股票。有股息，股价也会波动。
但是bond fund怎么操作的我还是不明白。 如果是买十年的bond, 到时候我就是拿本金
出来。 可是你说的大约为十年的bond fund买了以后十年后会怎么样？ 我还是要卖了
才能拿钱出来对不对？ 理论上到时候的市场价应该和我的本金是一样的？
[在 sephiroth (SOLDIER) 的大作中提到：]
:I see a few misunderstandings about investing, and in particular fixed
:income investing in this post. Some have been debunked, but others are not
:clarified and more are created in the replies. Hope my two cents can help
op and others with a better understandin... 阅读全帖 |
|
b****e
发帖数: 1275 | 39 https://us.etrade.com/e/t/kc/KnowArticle?topicId=13200&groupId=9187&articleI
d=9193
Bonds vs. Bond Funds
from SmartMoney University
Bonds are complex -- there's no doubt about it -- especially if you're a
novice investor with little experience in the markets. That's why a lot of
people opt for bond funds when they seek to diversify their investments with
some fixed-income exposure. Our view is, if you're willing to put in the
effort, you're better off buying individual bonds instead of bond fund |
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p**8
发帖数: 3883 | 40 ECB Agrees to Start Buying Italian Bonds on Monday: Italian Minister
ITALY, BONDS, ECB, EURO ZONE, EUROPEAN UNION, DEFAULT, EUROPE,
CNBC.com | 05 Aug 2011 | 07:21 PM ET
The European Central Bank has agreed to start buying Italian bonds starting
on Monday, an Italian minister said on Friday.
"Everyone is afraid our bonds will turn into scrap paper but by returning to
a budget balance one year early, the ECB has guaranteed that from Monday it
will buy our bonds," Federalism Reforms Minister Umbert... 阅读全帖 |
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x*********n
发帖数: 28013 | 41 bond price看discount，看maturity date。
基准利率涨，短期，长期 bond都会跌。
然而，短期1-3年会default，跌的会少。
长期10年以后default很久远，会暴跌。
玩bond投机的都是后者。
bond etf会注明投资类型，会告诉你平均多久default，会告诉你买的是哪一种类型的
bond。
简单的说，我投资短期 mutual fund是看空股市的行为，同时这些bond可以得到3-6%
极低风险下的收益。
你懂了吗？ |
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h*****3
发帖数: 27 | 43 BECKER上一道题：
On June 30, 1990, Huff Corp. issued at 99, one thousand of its 8%, $1,000
bonds. The bonds were issued
through an underwriter to whom Huff paid bond issue costs of $35,000. On
June 30, 1990, Huff should report
the bond liability at:
a. $ 955,000
b. $ 990,000
c. $1,000,000
d. $1,025,000
Explanation
Choice "b" is correct. $990,000 bond liability at 6/30/90.
"Bond issue costs" are a deferred charge and are not netted or included in
the carrying value of the bonds。
可是BECKER书上写的carrying v |
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j******g
发帖数: 200 | 44 【 以下文字转载自 CPA 俱乐部 】
发信人: juanyong (ly), 信区: CPA
标 题: 问个关于bond issue cost的journal entry
发信站: BBS 未名空间站 (Thu Jan 5 14:38:56 2012, 美东)
对于buyer来说， journal entry 如下：
Cash 920
Bond issue cost 50
Discount on Bond 30
Bond Payable 1000
对于seller这个应该怎么记呢？bond issue cost 要不要记在investment里面？
这样对吗？
Bond investment 970
cash 970
还是不算cost
bond investment 920
cash 920
想不明白了。。。。
哪位给指点一下？ |
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u***r
发帖数: 4825 | 45 http://www.bloomberg.com/news/2014-03-10/chaori-to-sell-solar-f
Chaori to Sell Solar Farms to Repay Bondholders After Default
Shanghai Chaori Solar Energy Science & Technology Co., the first Chinese
company to default on corporate bonds onshore, plans to sell assets outside
the country to raise cash and repay noteholders.
The manufacturer will seek buyers for solar farms in Greece, Bulgaria, Italy
and the U.S., Vice President Liu Tielong said by phone today. Chinese banks
that had previously agr... 阅读全帖 |
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s********n
发帖数: 1962 | 46 只要公司不破产 ....
That's the most important reason why you need a bond fund.
The spread between corporate bond and treasury is all about default risk
plus a little liquidity premium.
Another difference between a bond fund and a bond is that bond fund
usually maintains a relative constant duration while an individual bond
will have a reducing duration over life time thus exposes to a changing
interest rate risk. |
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s********h
发帖数: 158 | 47 you are mixing bond and bond fund here.
what you said about the relationship btwn bond yield and interest rate is
true in theory. in practice, however, there are other factors that affect
the bond yield and yield to maturity. for instance, instability in the
equity market can cause investors to flow into the credit market and thus
drive down your bond yield. that also implies that your bond will be priced
at a premium.
also, there is no guarantee we'd be facing inflation in the future. if the
op |
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t*m
发帖数: 4414 | 48 1. you are right, long or intermediate bonds MF should be avoid now. And
most financial advisors are also saying that.
2. the bond MF/EFT's NAV may drop say, 7%, but it also pays dividend (yield)
, so bond is still less variable than stock.
3. to replace bond MF; I am using conservative balanced funds (e.g. Vanguard
Wellington or Wellesley Income).
跌了7%。 一旦有通货膨胀预期， 这个债券跌得不比股票基金温柔。
债券差不多就是少量短期债券和 JUNK BOND了。 我打算增加一点 JUNK BOND 的
HOLDING。不到FED 加息我不打算再增加长期债券和中期债券了。
道人云亦云。 这些人最早反对你放 EMERGING MARKE... 阅读全帖 |
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p*****y
发帖数: 529 | 49 if you don't consider credit risk, bond value does revert to par when
getting close to maturity. But I don't think most bond traders/retail
investors manage their portfolio in such a way that they will almost always
hold bond to maturity. Instead, they trade in and out the market. Bond
trades do so because they want to beat the market. Retail investors do so
because they need liquidity. Only if you pick out single bond to match each
of your liabilities, you can be isolated from interest rate ris... 阅读全帖 |
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y****i
发帖数: 778 | 50 http://www.mitbbs.com/clubarticle_t/Bond/31335339.html
If your investment amount is larger than 25000$ and can buy and hold to
mature even the bond price is lower, you can try individual muni bond.
Otherwise, bond fund is better. Muni is good for those income fed tax rate
above 28 percent. If you hit AMT, don't choose bond or bond fund has AMT
muni. |
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