{"product_id":"income-investing-today-isbn-9780470128602","title":"Income Investing Today","description":"Income Investing Today\u003cbr\u003e \u003cbr\u003e Income Investing Today details a safe alternative to the downside risks inherent in the stock market--income securities that can provide a 7% to 8% annual cash income. With this book, fixed income expert Richard Lehmann outlines income investing concepts you need to understand, various investment vehicles, and investment strategies that will help you build a safe, diversified portfolio of investments.\u003cbr\u003e \u003cbr\u003e The investment vehicles he explains range well beyond traditional fixed income securities or creditor instruments such as bonds, to include hybrids, REITs, mutual funds, and more. He shows that the key to building a steady, growth-oriented income portfolio is to diversify over a variety of securities that depend on different drivers--that is, portfolios that are not vulnerable to any one specific economic factor such as interest rates.\u003cbr\u003e \u003cbr\u003e The ideal guide for individual investors saving for retirement and seeking more safety in their portfolios, Income Investing Today shows how a diversified collection of income securities can equal or exceed the returns from common stock with much lower risk. \u003cp\u003eForeword xiii\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eIntroduction xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Why and How of Fixed Income \u003c\/b\u003e\u003cb\u003e1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Consider Fixed Income 1\u003c\/p\u003e \u003cp\u003eGrowth versus Income (Stocks versus Bonds) 1\u003c\/p\u003e \u003cp\u003eWhat Kind of Investor Are You? 4\u003c\/p\u003e \u003cp\u003eInvestment Strategies 5\u003c\/p\u003e \u003cp\u003eAsset Allocation 5\u003c\/p\u003e \u003cp\u003eThe Right Allocation for You 6\u003c\/p\u003e \u003cp\u003eDiversification 7\u003c\/p\u003e \u003cp\u003eRetirement Planning 11\u003c\/p\u003e \u003cp\u003e\u003ci\u003eWhat’s Exciting about \u003c\/i\u003e6\u003ci\u003e Percent Returns? \u003c\/i\u003e14\u003c\/p\u003e \u003cp\u003eWhat You Need to Know about Risk and Uncertainty 17\u003c\/p\u003e \u003cp\u003eSubjective Risks 18\u003c\/p\u003e \u003cp\u003eObjective Risks 19\u003c\/p\u003e \u003cp\u003eUncertainty 20\u003c\/p\u003e \u003cp\u003eUnderstanding Interest Rates: General Features 21\u003c\/p\u003e \u003cp\u003eCompound Interest 31\u003c\/p\u003e \u003cp\u003eWhen Interest Rates Rise 32\u003c\/p\u003e \u003cp\u003e\u003ci\u003eComparative Yields Explained \u003c\/i\u003e34\u003c\/p\u003e \u003cp\u003eWhat to Pay: Fair Value Pricing 38\u003c\/p\u003e \u003cp\u003eWhen to Sell 40\u003c\/p\u003e \u003cp\u003eUsing Leverage and Margin 43\u003c\/p\u003e \u003cp\u003eCredit Ratings 43\u003c\/p\u003e \u003cp\u003eBelow-Investment-Grade Ratings 46\u003c\/p\u003e \u003cp\u003e\u003ci\u003eHow to Read the Ratings \u003c\/i\u003e49\u003c\/p\u003e \u003cp\u003e\u003ci\u003eCredit Ratings Drift: An Ongoing Problem \u003c\/i\u003e51\u003c\/p\u003e \u003cp\u003eThe Federal Reserve Bank 52\u003c\/p\u003e \u003cp\u003eSecurity Dealers and Brokers 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Information Sources and How to Use Them \u003c\/b\u003e\u003cb\u003e59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Advice via the Media 59\u003c\/p\u003e \u003cp\u003eProspectuses 60\u003c\/p\u003e \u003cp\u003e\u003ci\u003eMisuse of the English Language \u003c\/i\u003e64\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGetting Railroaded by China \u003c\/i\u003e66\u003c\/p\u003e \u003cp\u003eWhen to Worry about the Accounting 69\u003c\/p\u003e \u003cp\u003eFinancial Statements 71\u003c\/p\u003e \u003cp\u003eBalance Sheet 73\u003c\/p\u003e \u003cp\u003eIncome Statement 75\u003c\/p\u003e \u003cp\u003eStatement of Cash Flows 76\u003c\/p\u003e \u003cp\u003eShareholders’ Equity Statement 77\u003c\/p\u003e \u003cp\u003eDefining Earnings 78\u003c\/p\u003e \u003cp\u003eMore Important than the Numbers 79\u003c\/p\u003e \u003cp\u003eSummary 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Bonds \u003c\/b\u003e\u003cb\u003e81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Features 81\u003c\/p\u003e \u003cp\u003eU.S. Treasuries 83\u003c\/p\u003e \u003cp\u003eCorporate Bonds 88\u003c\/p\u003e \u003cp\u003eEquipment Trust Certificates 90\u003c\/p\u003e \u003cp\u003eDirect Access Notes 90\u003c\/p\u003e \u003cp\u003eJunk Bonds 92\u003c\/p\u003e \u003cp\u003eStep-up and Pay-in-Kind Bonds 93\u003c\/p\u003e \u003cp\u003eZero-Coupon Bonds 94\u003c\/p\u003e \u003cp\u003ePut Bonds 95\u003c\/p\u003e \u003cp\u003eInsured Municipal Bonds 96\u003c\/p\u003e \u003cp\u003eLower Rated Muni Bonds 99\u003c\/p\u003e \u003cp\u003eConduit Bonds 100\u003c\/p\u003e \u003cp\u003eTaxable Munis 100\u003c\/p\u003e \u003cp\u003eUnrated Munis 101\u003c\/p\u003e \u003cp\u003eBuying Municipal Bonds 103\u003c\/p\u003e \u003cp\u003eMunicipal Bond Defaults 104\u003c\/p\u003e \u003cp\u003eMiscellaneous Topics 105\u003c\/p\u003e \u003cp\u003eThe Bond Indenture and Trustee 105\u003c\/p\u003e \u003cp\u003eCall Provisions 106\u003c\/p\u003e \u003cp\u003ePut Provisions 109\u003c\/p\u003e \u003cp\u003eMoney Market Accounts and Funds 110\u003c\/p\u003e \u003cp\u003eCertificates of Deposit 111\u003c\/p\u003e \u003cp\u003eDuration 111\u003c\/p\u003e \u003cp\u003e\u003ci\u003eQuestions to Ask When Buying a Corporate Bond \u003c\/i\u003e113\u003c\/p\u003e \u003cp\u003e\u003ci\u003eQuestions to Ask When Buying a Muni \u003c\/i\u003e114\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Preferreds and Hybrids \u003c\/b\u003e\u003cb\u003e117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneral Features 117\u003c\/p\u003e \u003cp\u003eHybrids: Bonds\/Indirect Bonds 118\u003c\/p\u003e \u003cp\u003ePreferred Equity Traded (PET) Bonds 118\u003c\/p\u003e \u003cp\u003eTrust Preferreds 119\u003c\/p\u003e \u003cp\u003eThird-Party Trust Preferreds 120\u003c\/p\u003e \u003cp\u003eForeign Preferreds 121\u003c\/p\u003e \u003cp\u003ePartnerships 121\u003c\/p\u003e \u003cp\u003ePerpetual Preferred Stock 122\u003c\/p\u003e \u003cp\u003eBuying Preferreds 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Convertibles and Adjustable-Rate Debt \u003c\/b\u003e\u003cb\u003e127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConvertible Bonds 127\u003c\/p\u003e \u003cp\u003eConvertible Preferreds 129\u003c\/p\u003e \u003cp\u003eAdjustable-Rate Debt 132\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Income Stocks \u003c\/b\u003e\u003cb\u003e135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 135\u003c\/p\u003e \u003cp\u003eCanadian Energy and Royalty Trusts 136\u003c\/p\u003e \u003cp\u003eOther Canadian Trusts 138\u003c\/p\u003e \u003cp\u003eReal Estate Investment Trusts (REITS) 139\u003c\/p\u003e \u003cp\u003eOther Common Stocks 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Mutual Funds \u003c\/b\u003e\u003cb\u003e143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 143\u003c\/p\u003e \u003cp\u003eBond Funds 145\u003c\/p\u003e \u003cp\u003eJunk Bond Funds 147\u003c\/p\u003e \u003cp\u003eMunicipal Bond Funds 148\u003c\/p\u003e \u003cp\u003eInternational Bond Funds 149\u003c\/p\u003e \u003cp\u003eExchange-Traded Funds (ETFs) 149\u003c\/p\u003e \u003cp\u003eClosed-End Funds (CEFs) 152\u003c\/p\u003e \u003cp\u003eClosed-End Bond Funds 153\u003c\/p\u003e \u003cp\u003eClosed-End Preferred Funds 154\u003c\/p\u003e \u003cp\u003eBuy-Write Funds 155\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Securities and Other Investments to Avoid \u003c\/b\u003e\u003cb\u003e157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnit Investment Trusts (UITs) 157\u003c\/p\u003e \u003cp\u003eDerivatives 158\u003c\/p\u003e \u003cp\u003eSEQUINS and ELKS 160\u003c\/p\u003e \u003cp\u003ePARRS 161\u003c\/p\u003e \u003cp\u003eHedge Funds 162\u003c\/p\u003e \u003cp\u003eCommercial Paper, Bankers Acceptances, and Repos 164\u003c\/p\u003e \u003cp\u003eCollateralized Debt 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Other Topics of Interest \u003c\/b\u003e\u003cb\u003e167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBankruptcy 167\u003c\/p\u003e \u003cp\u003eEndgame Strategies 173\u003c\/p\u003e \u003cp\u003eTax Strategies 174\u003c\/p\u003e \u003cp\u003eDividend Strategies 175\u003c\/p\u003e \u003cp\u003eTaxation and Mandatory Convertible Preferreds 176\u003c\/p\u003e \u003cp\u003eTax Reporting 177\u003c\/p\u003e \u003cp\u003eOriginal Issue Discount 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Summing Up \u003c\/b\u003e\u003cb\u003e183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Long-Term Strategy for Income Investing 183\u003c\/p\u003e \u003cp\u003eAppendix Internet Investment Information Sources 189\u003c\/p\u003e \u003cp\u003eGlossary 199\u003c\/p\u003e \u003cp\u003eIndex 227\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eRICHARD LEHMANN\u003c\/b\u003e is President of Income Securities Advisors, Inc. (ISA), and publishes the \u003ci\u003eForbes\/Lehmann Income Securities Investor\u003c\/i\u003e newsletter, as well as the \u003ci\u003eETF Investor Newsletter\u003c\/i\u003e and \u003ci\u003eDistressed Debt Securities Newsletter\u003c\/i\u003e. He founded the Bond Investors Association (BIA) in 1983 as an information and advocacy organization for individual bondholders. ISA is the successor to BIA. Lehmann is also a columnist with \u003ci\u003eForbes\u003c\/i\u003e magazine and has been actively involved in fixed income advising and bond defaults since 1976. He is also the portfolio manager of the Fallen Angels Income Fund (FAINX), a publicly traded no-load fund. Lehmann has taught finance and accounting in Miami and has spoken at numerous investment seminars. He holds an MBA from Columbia University, is a CPA, and an SEC-registered investment advisor. Visit www.incomesecurities.com for more information.   \u003c\/p\u003e\u003cp\u003eIt has been widely reported that the baby boom generation has not adequately saved for their rapidly approaching retirement years. Because of this, many boomers believe the only way to catch up is by investing in common stocks. But stocks are inherently risky, particularly for those close to, or in, retirement. \u003ci\u003eIncome Investing Today\u003c\/i\u003e offers an alternative—income, through diversification over a variety of securities, that can provide a healthy annual cash income without the downside risks of the stock market. \u003c\/p\u003e\u003cp\u003eThe virtue of income securities, says fixed income expert Richard Lehmann, is that once you understand them, the selection process is substantially easier and safer than for stocks, for a number of reasons. Credit ratings make risk evaluation highly reliable. You also aren't as vulnerable to price fluctuations due to quarterly earnings reports and missed forecasts since the companies' survival—not its prosperity—is your main exposure. And you won't often see a bond or preferred drop by 20% when a company misses its sales or earnings forecasts, but when this happens it probably represents a buying opportunity. \u003c\/p\u003e\u003cp\u003eLehmann shows you exactly how to achieve a high level of income without inordinate amounts of risk and details the best way to diversify portfolios into nontraditional income securities across a range of sectors—so that interest rates alone won't overly affect a portfolio. The author clearly explains the basic investing concepts you need to understand and the various investment vehicles that are currently attractive. He describes the full spectrum of choices available to people interested in income investments, including bonds, Canadian energy trusts, convertibles, REITs, closed end funds, hybrids, and more. In addition, he suggests specific investment strategies and portfolio allocations that will help you build a safe, diversified portfolio of investments. \u003c\/p\u003e\u003cp\u003eIn spite of all you may have heard about stocks versus income investing, it is not an either-or choice. Properly done, a portfolio with a diversification of income securities can, over time, equal or exceed the returns from common stock investing with much lower risk. It has worked for the author. In \u003ci\u003eIncome Investing Today\u003c\/i\u003e he shows how it can work for you.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989413773541,"sku":"NP9780470128602","price":36.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470128602.jpg?v=1761784009","url":"https:\/\/k12savings.com\/es\/products\/income-investing-today-isbn-9780470128602","provider":"K12savings","version":"1.0","type":"link"}