Explains the significance of interest-on-interest and introduces the concept of realized compound yield, which can be used to predict future bond values

About the Author

Martin L. Leibowitz is a managing director in the research department at Morgan Stanley. For the prior nine years, he was with TIAA-CREF, the world's largest pension fund, where as chief investment officer he oversaw $300 billion in assets. Dr. Leibowitz is the author of five books and numerous articles, and winner of multiple Financial Analysts Journal Graham and Dodd Awards for his work analyzing equities and fixed-income investments.

Sidney Homer, who died in 1983, was the founder and general partner in charge of Salomon Brothers' bond market research department. Best known for his pioneering and analytical studies of bond market history and relative values and the economic forces which create bond market trends, he is the author of several books including A History of Interest Rates, The Bond Buyer's Primer, and The Price of Money.

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