y****i
发帖数: 778 | 1 Yes, bond holders have higher priority than stock holders.
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PB
From Moody's report, muni bonds had 65% recovery, compared with 49% for
corporate senior unsecured bonds.
Yes, they will return 100% principal if they do not bankrupt before maturity
date, that's why BBY 2016 bond has much lower risk than its 2021 bond even
the latter has much higher yield. Any time is OK to buy the high dividend
stock except last Sept or Oct when fiscal cli... 阅读全帖 |
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a***n
发帖数: 328 | 2 Coupon也要算进去吧？
一直没明白最终收益怎么算，假设hold到期的话。 |
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y****i
发帖数: 778 | 3 http://en.wikipedia.org/wiki/Bond_valuation
If you do not consider compound interest, make it simple, yield = (face
value 100$ + coupon interest) / bond market price. The yield is lower than
coupon rate if the bond price is more than 100$.
Fidelity showes yield to maturity or yield to call based on compound
interest. You don't need to know how to calculate, just remember yield is
the true return if you hold it until maturity, not the coupon rate. |
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J*y
发帖数: 271 | 4 The bond is sold out.
How do you know when it is available?
sit in front of the computer moring till night?
Or is there a way to set up a criteria. Purchase aumatically when available? |
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y****i
发帖数: 778 | 5 Municipal bond with AGM or MBIA insured. If you do not need semiannually
interest payment, you can consider zero coupon bond. If your tax bracket is
lower than 28%, you may also consider taxable muni bond like BAB. For
example, I bought CUSIP 204712FF5 at $71.93 with maturity date 8/1/2018 and
204712FG3 at $69.17 with maturity date 8/1/2019 last month. They will return
$100 face value in 5.5 and 6.5 years, equal to 6% and 5.73% annual yield,
and both are AGM insured. |
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y****i
发帖数: 778 | 6 Municipal bond with AGM or MBIA insured. If you do not need semiannually
interest payment, you can consider zero coupon bond. If your tax bracket is
lower than 28%, you may also consider taxable muni bond like BAB. For
example, I bought CUSIP 204712FF5 at $71.93 with maturity date 8/1/2018 and
204712FG3 at $69.17 with maturity date 8/1/2019 last month. They will return
$100 face value in 5.5 and 6.5 years, equal to 6% and 5.73% annual yield,
and both are AGM insured. |
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y****i
发帖数: 778 | 7 2年前是买muni的好时机。如果你经常盲从所谓专家的意见，是非常危险的。债券俱乐
部有自己买入individual bond的技巧，如果你有IRA，也可以考虑m-REIT like AGNC
or ARR and business develepment company like PSEC. 401k if you have multi
sector bond fund with average rating BB+ or emerging market corporate bond
fund, you can consider it.
http://www.mitbbs.com/club_bbsdoc/Bond.html |
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y****i
发帖数: 778 | 8 2年前是买muni的好时机。如果你经常盲从所谓专家的意见，是非常危险的。债券俱乐
部有自己买入individual bond的技巧，如果你有IRA，也可以考虑m-REIT like AGNC
or ARR and business develepment company like PSEC. 401k if you have multi
sector bond fund with average rating BB+ or emerging market corporate bond
fund, you can consider it.
http://www.mitbbs.com/club_bbsdoc/Bond.html |
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y****i
发帖数: 778 | 9 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 |
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y****i
发帖数: 778 | 10 05/13/2013 31.731 Pre-refunded Call
Make 31.731/30.662 = 3.5% in two month, equal to 20% yield a year, will look
for next Kicker bond after May 13. In addition, no need to pay $1 per $1000
face value transaction fee for the call, that will save $50 for this $50000
face value zero coupon bond. |
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S**C
发帖数: 2964 | 11 ST speculation/trading probably more suitable for stock board don't you
think? A brave soul can earn more than 1% easily in a day if s/he jump in
gold yesterday, that equals to what annulized?
look
1000
50000 |
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p*********6
发帖数: 679 | 13 谢谢，解释的很清楚。。。2个包子奉上。
but
interest |
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y****i
发帖数: 778 | 14 This is call date and call price, the issuer has the right but not liability
to redeem the bond at that price. If you want to sell the bond before 2033
maturity, you need to call the broker such as Fidelity to get a bid quote
first. If the issuer does call back this bond, they will buy back with the
call price at the call date. You do not need to do anything in this
situation. |
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a****1
发帖数: 385 | 15 哦，也就是说issuer有权利随时按照call price在某一个call date收回我们买的bond？
那怎么按照这些参数决定一个bond是否值得买呢？
liability
2033 |
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y****i
发帖数: 778 | 16 Like I said in previous post, the ask price plus transaction fee (1$ for
1000$ face value for Fidelity) need to be lower than the call price. If the
issuer does call back, you always have capital gain instead of capital loss.
For example, I bought 45202XAH1 at $99.73 at 6/19/12, it's called back at
2/21/2013. With the call price $100, I have $27 capital gain for the $10000
face value bond plus 4.3% tax free interest for less than one year holding.
bond？ |
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a***n
发帖数: 328 | 17 能点评一下下面两个么？
74514LXH5
64971PFH3
多谢！
08/ |
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y****i
发帖数: 778 | 18 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. |
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x****g
发帖数: 51 | 20
until
trial.
看好棒球的话可以买第二个棒子
棒球场发行棒子，有趣 |
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y****i
发帖数: 778 | 21 From Fidelity:
Third Party Price: depicts a security's price formulated from a 3rd party
vendor's proprietary pricing methodology. To establish this modeled price, a
host of factors such as recent trade activity, size, timing, and yields of
comparable bonds are used. In the case of a comparable bond comparison, the
vendor assigns a "fair market" yield to the security, then extrapolates a
representative price based on the fair market yield assigned. In many cases,
this modeled price provides pric... 阅读全帖 |
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y****i
发帖数: 778 | 22 Yes, the muni you showed is short term with yield less than 1%, so the price
is high. But if you look for the 15 year term same as the GS bond, you can
still find about some 3.5% yield to call, or even higher yield to maturity
for Kicker bond. See my post in the bond club for Kicker bond.
http://www.mitbbs.com/clubarticle_t/Bond/31335637.html |
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y****i
发帖数: 778 | 23 That's for single >$400,000, couple >$450,000. All others remain the same,
15% if you fall into 25-35% tax bracket, 0% if you fall into 10-15% tax
bracket like single <$36,250. The most important, an additional 3.8%
Medicare tax for passive income including interest, dividends, rent and
capital gains for singe >$200,000 and couple >$250,000, only tax exempt muni
bond interest is excluded.
bracket。 |
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y****i
发帖数: 778 | 24 Two Harbors (TWO) may be better for large mREIT now because they have non
agency securities to diversify. It also has frequent insider buying recently
. When bond yield is higher, conservative investors will shift some asset
from high dividend stocks to bond. With muni bond 4-6% yield, that's equal
to 7-10% yield before tax for high income and people hit AMT tax in CA or
NYC.
buy
market |
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y****i
发帖数: 778 | 25 You can buy taxable muni bond in Roth IRA or IRA. For example, CUSIP
204712FK4 give you 5.75% yield with 59.59 ask price, pay you $100 at 8/1/
2022, with AGM insured. No matter what the market price, your return is
fixed if you hold it to maturity. However, this is a so so deal because the
ask price is higher than 3rd party price and I bought 204712FG3 at 69.18
with 5.73% yield but mature at 8/1/2019, 3 year less. The time was 1/16/2013
when treasry bond yield was much lower than current. Thus f... 阅读全帖 |
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x****o
发帖数: 29677 | 26
可以这样，用4万块先买点muni BOND，熟悉下投资，有个bond大牛，你可以问下他如何
操作
以你的名义开个ROTH？需要具体咨询下专业人士,准备4万块
用4万块买个投资型的保险
用4万块去先锋开个帐户，让人家推荐给你几个基金，你挑４个买了
最后4万块放银行急用 |
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k******a
发帖数: 2436 | 27 You are absolutely right. This is interesting. Originally I was thinking a
home buyer is equivalent to someone who shorts/sells MBS. Your perspective
is buying a house with mortgage is the equivalent of buying financial
securities using margin, if the house buyer is the investor.
Certainly using loan/margin increases the risk. However to the home buyer a
lot of risk is local to the region (in addition to interest risk etc)
because housing price mostly reflects local demands. So maybe the home b... 阅读全帖 |
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y****i
发帖数: 778 | 28 My 401k chose MXLMX multi sector bond fund, the same as LSBDX or similar to
PONAX if your 401k has it.
For brokerage account, in additional to the individual bond which I
recommend in the bond club, especially for tax free insured muni bonds in
your taxable account which have another protection for default risks:
http://www.mitbbs.com/clubarticle_t/Bond/31335339.html
How to buy and sell individual municipal bond
You can follow Bill Gross to where he put his own money: like VMO 7% tax
free yield,... 阅读全帖 |
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y****i
发帖数: 778 | 29 Even Bill Gross Is Now Looking More Toward Stocks
http://blogs.barrons.com/incomeinvesting/2014/01/23/even-bill-g
If you think Bill Gross has been a big 反指, you should sell the stock now.
He made many mistakes on treasury bonds recently, but muni bonds should have
some opportunities this year when people realize how much more tax they
need to pay at 4/15. Just avoid PR bonds or buy any individual bonds with
AGM/MBIA insured.
Last year many CEF had discount to NAV more than 10%, the risk of inter... 阅读全帖 |
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D*****t
发帖数: 558 | 30 if you haven't maxed out all tax advantage accounts, you should do so. In
regular account, you can consider tax-managed equity funds, such as VTCLX,
VTGLX, VTMSX and VTMGX. For bond portion, consider munis. But as asked by
the previous post, what makes you decide to change your current allocation
and to include bond? Is it because you want to time the market or you are
realizing not including bond is a mistake? |
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D*****t
发帖数: 558 | 31 if you haven't maxed out all tax advantage accounts, you should do so. In
regular account, you can consider tax-managed equity funds, such as VTCLX,
VTGLX, VTMSX and VTMGX. For bond portion, consider munis. But as asked by
the previous post, what makes you decide to change your current allocation
and to include bond? Is it because you want to time the market or you are
realizing not including bond is a mistake? |
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Y******u
发帖数: 1912 | 32 ETF/MF为主，少量stock和muni bond，哪个公司最好？非绿卡,不需要中文 |
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M********r
发帖数: 278 | 33 这俩没法比。CDs 是FDIC insured, 收益再低，本金是不会丢的。Muni收益再高，有税
的优势，可没法保证本金的绝对安全。所以选哪个取决这笔钱的用处和时间。 |
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M********r
发帖数: 278 | 34 这俩没法比。CDs 是FDIC insured, 收益再低，本金是不会丢的。Muni收益再高，有税
的优势，可没法保证本金的绝对安全。所以选哪个取决这笔钱的用处和时间。 |
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y****i
发帖数: 778 | 35 来自主题: Investment版 - 给点建议吧 Individual bonds with $10k as a unit to set up a bond ladder just like a CD
but much higher rate than saving account now, including muni bonds whose
interests are tax free and investment grade corporate bonds for better
liquidity, more details in bond club:
http://www.mitbbs.com/club_bbsdoc/Bond.html
invest?
up |
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p****4
发帖数: 517 | 36 Ms. Harker,
There is no such investment that is worry-free or risk-free. Someone could
have bought 1M dollar CD and later realized the bank happened to be WaMu.
Someone might hide 1M dollar cash under the mattress in their million-dollar
house on the tip of the hill at San Marcos and get evacuated by uniform
sheriff and fire fighters when the flame was in sight during the previous
week. However, we can not base our investment strategy on the low
probability events, right? Neither shall we predic... 阅读全帖 |
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M********r
发帖数: 278 | 37 really not easy to find an investment that meets all your requirement. but
you may consider 1. cd ladder, very safe, liquid to a certain point, but may
not yield that much as you need; 2. VTINX as suggested by the previous
post, but it current yields <2%. you may lose principal; 3. vanguard managed
payout fund (VPGDX) it's annual pay out rate is 4%, but again you may lose
principal. 4. since your money is likely not in a tax advantaged account,
you may consider Muni bond. The tax advantage itse... 阅读全帖 |
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t***n
发帖数: 546 | 38 考虑到楼主夫妇还是学生，没什么收入，muni bond就免了吧。收入低的话是不是tax
efficient都无所谓了
may
managed
lose
★ 发自iPhone App: ChineseWeb 8.7 |
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y****i
发帖数: 778 | 39 Muni is for rich to stay rich. If you think you are not rich enough, equity
is OK as long as you are ready for next dip.
I've seen many aggressive investors became over conservative when the market
closed to the bottom, or they ran of cash or put the cash into the market
too early in a down turn.
For me, 10% reduction of my current asset is over my whole year salary, not
considering the tax fact yet.
When the world of QE is finally ending, nobody knows what's the true value
of your current asset... 阅读全帖 |
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s******8
发帖数: 4192 | 40 你就直接search，tax free bond fund 或者 muni bond fund.你会找到很多。一般
dividend yield在4%-6%左右。投资fund和直接买差不多，算上cash闲置的时间和复利
的计算。 |
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y****i
发帖数: 778 | 41 This is true for regular individual bonds.
For the kicker bonds I listed, their market price was hovering $100 even
last Aug-Sep when the interest rate was high.
I've sold $150,000 individual non-Kicker muni bonds recently because the
recent low yield is close to last May bottom. I don't recommend buy any bond
fund now because all their interest risk is high.
You need to do some research for individual bonds for sure. If you don't
want to do any, then bond fund may be better.
I will say unlike s... 阅读全帖 |
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发帖数: 1 | 42 如果我有400万投资，就200万买大盘指数。只要拿住不放手，长期肯定是涨的，每年有
个4万左右dividend收入。另外200万买点REITs(大概收益6-10%），BDC, muni，投资房
等income producing asset,每个50万左右分散下风险。平均收益可以到6-8%之间，每
年可以哪个14万收入。
两个加起来，一年大约20万收入。而且能参与股市上涨。
空出来的时间，就好好享受吧。 ：） |
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o****x
发帖数: 287 | 43 信托default的可能性有,但不大,到目前为止都是刚性兑付.房地产的信托和商业的信托
有兑付风险, 但政信类的,尤其是债务人直接就是地方政府而不是地方融资平台的政信
类信托,default的风险几乎没有,这种信托如果default不就相当于muni bond default
吗? |
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S**C
发帖数: 2964 | 44 Interestingly, Fido's muni bonds funds are pretty good, and with low fees.
Their good equity funds are just too big. |
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M********r
发帖数: 278 | 45 "5年内不要有高于10%的本金损失" 意味着有可能5年之内会取出来用，是吗？如果是的
话，连bond fund 都不能保证一定没有10%的损失。
tax exempt fund 就是municipal bond fund, 获益不用交税，所以放在tax advantage
account (IRA. 401K etc)就没意义了，一般是在用完tax advantage 的额度后，可以
考虑muni.
如果你是在为退休投资，（比如2，30年以后的事），一次买进和在几个月里分批买进
，和2，30年比，只是沧海一粟，没区别。
你现在要做的是明确这笔钱的目的，以此决定买什么。 |
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S**C
发帖数: 2964 | 46 muni interest income is federal tax free. You can compered its SEC 30-day
yield with similar quality and duration taxable bonds, and make decisions
based on your marginal tax rate. Do not forget AMT. |
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z*****a
发帖数: 3809 | 47 Some state specific muni funds are also exempt from state and local income
taxes. |
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a*****0
发帖数: 643 | 48 你要tax bracket高的可以考虑muni .. 好一点的也有4%左右 |
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h******b
发帖数: 6055 | 49 Fidelity有2%的信用卡回报，不限制category，相当于多了一份红利收入。
我觉得在Fidelity买vanguard的基金都很合算。哪怕每个季度需要付少许交易费。一般
来说你是只买不卖的。
这种high yield muni基金都差不多。 都没有联邦税。 我买的是hyd。 |
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