Preface

The first edition of Bonds: The Unbeaten Path to Secure Investment Growth (2007) took the untraditional stand that high-quality bonds are a better investment than stocks for individual investors. We supported our thesis by concluding that stocks historically didn’t outperform bonds when an individual investor’s taxes, transaction fees, expenses, and bad timing are all taken into consideration.

Furthermore, we put forth the heresy that asset allocation to multiple asset classes is not required for investment success. Instead, we proposed the wisdom and logic of the All-Bond Portfolio as the safest and surest way to investment success. We concluded that allocating your assets in the traditional way to many asset classes would actually ...

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