Strategic Fixed Income Investing: An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management

PART One

The Investing Environment

The first section of this book paints the picture of the recent market environment. Similar to a screenplay, the characters and players are introduced. Once the stage is set, I will walk you through the various scenes that have captured investors' attention and, at times, have created numerous headaches for fixed income portfolio managers.

It is fair to say that the challenges asset managers face have changed over the past decade. Although there were some previously seen headwinds, the time period from 2005 through 2011 brought on numerous conflicts that investors could not have imagined.

I will take you along a journey highlighting the necessity to remain on top of the ongoing changes and evolve with the market. Although the market is not a living and breathing entity, more times than not, it gives the appearance that it is. This is felt by those participants who are engaged in its daily activities, who ride the ups, downs, highs, and lows in an attempt to outpace its returns.