How to Make Money with Junk Bonds Hardcover – May 14, 2012

Worthwhile. Overemphasis on EBITDA, which as Buffett and Klarman say is based on the fallacious assumption that depreciation is not a real expense and capital expenditures are irrelevant. Superficial treatment of covenants. But I learned a few things from the book and think the time spent with it was worthwhile.

Robert Levine’s “How to Make Money in Junk Bonds” touts a fundamental approach to valuing high-yield bonds. His writing is confident and plain-spoken, reflecting his deep experience in debt research.I’m not a bond investor, but this book taught me the similarities and differences that debt & equity investors share.Companies with improving business prospects, a reasonable capital structure and strong management make for sound investments.......period.Conversely, an equity offering, which is ruinous to a company's stock price, is a blessing for debt investors. Investors who’ve purchased the junk bonds of a company that subsequently completed an equity offering can expect to see their bonds jump in value.Best of all, Levine’s approach is streetwise. Books about bonds can easily become tomes of fixed-income formulas. Levine stays on course, focusing on simple valuations of sales, debt, and cash flow to measure his investments.Bonds are complicated and texts like “Bond Markets, Analysis, and Strategies” by Frank Fabozzi should be understood before investing.That said, kudos to Robert Levine for staying focused and writing an enjoyable bond book.

I liked this book from the first moment I picked it up. I am an individual investor approaching retirement and I wanted learn more about investing junk / high yield bonds. This is a great introduction risks and rewards for the individual investor. The chapters are brief and the material is presented in a way that is easy to read and understand. The author outlines his successful "Strong Horse" methodology for junk bond investing which an individual investor can apply. At the same time, the author makes it clear that the potential cost of selecting the wrong junk bonds is the complete loss of invested capital. It seems wise to hire an experienced bond professional with a good track record. This book makes me comfortable in allocating a portion of my retirement savings to the high yield asset class and concepts presented will be helpful in evaluating high yield mutual fund managers.

Seems to be an excellent little book - timely and cram-filled with great information. Even though I've chosen not to go this route I would highly recommend this book as an excellent entry/informational book.

A good overview of the Junk Bond Market. In particular the first half or so of the book is excellent and gives one much perspective into these in-between market, that is between distressed and investment grade bonds.

Recently I am looking for investment opportunities in the bond market and I found this book here. I cannot stop reading this book after picking it up. Not only it outlines a systematic way of selecting junk bonds using the author’s Strong Horse Method but it also details the bond market condition during the 2008/2009 financial crisis. This book is a must for anyone who are interested in bond investing.

I have an investment background but have never read a book on high yield funds. This added to my understanding and I feel it gives me more confidence in the decisions I have made by using High Yield Bond funds. I am a long term investor in the funds and this furthers my understanding so I know what is likely to happen in a time period where high yield bonds become volatile.

Extremely well written. The book is lucidly written and an easy read for beginners. The author is an expert in junk bond investing and brings a rare insight in this esoteric investment subject for the novice. Would strongly recommend this book.

It's ok,