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Income Investing with Bonds, Stocks and Money Markets by Jason Brady

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2DEBT AND THE COST OF MONEY

 

FAUSTUS: Had I as many souls as there be stars I’d give them all for Mephastophilis. By him I’ll be great emperor of the world.

—Christopher Marlowe, Dr. Faustus.

 

THE HISTORY OF DEBT AND MONEY

Many people see the bond market as difficult to understand and its terms a strange foreign language. Stocks are simpler, with clearly identifiable prices in a market that rings a bell when it opens and closes. Fixed-income securities seem mysterious, with arcane concepts like duration and convexity and trade in a much less clearly defined market. But bonds are, by their essential nature, fairly uncomplicated. Most people have an experience with a bond, whether it is their mortgage, a small business loan from a bank, or a ...

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