First published in 1972, Inside the Yield Book revolutionized the fixed-income industry and forever altered the way investors looked at bonds. More than thirty years later, it remains a standard primer and reference among market professionals. Generations of practitioners, investors, and students have relied on its lucid explanations, and readers needing to delve more deeply have found its explication of key mathematical relationships to be unmatched in clarity and ease of application. This edition updates the widely respected classic with new material by Martin L. Leibowitz that develops a horizon-based approach to present value and shows how these concepts can be generalized beyond bonds to become useful in the analysis of virtually any investment opportunity, including equities. Also included is a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers. Inside the Yield Book explains and makes sense of essential mathematical relationships that are basic to an understanding of bonds, annuities, loans#in fact, any securities or investments that involve compound interest and the determination of present value for future cash flows. In an era of calculators and computers, some of these important underlying principles are not always grasped thoroughly by market participants. Investors, traders, and analysts who want to sharpen their ability to recall and apply these fundamentals will find this book the perfect concise resource. This authoritative work, now significantly expanded, is more instructive, important, and useful than ever for mastering crucial concepts of time, value, and return, and for better comprehending their role within the world of investments in particular, and finance in general.