Final Thoughts: Is This Fixed Income Book Worth Reading?
We made it. Nine chapters. One complete retelling series. And now the question: was this book actually worth the time?
Troy bowler
Trading Axioms: An a to Z of Market Wisdom and Trading Psychology
Chapter 9 is the fun one. After eight chapters of yield curves, credit derivatives, and inflation swaps, the authors decided to end the book with something completely different: a collection of trading wisdom organized from A to Z.
Relative Value in Inflation: Breakeven Rates, Real Yields and Linkers
Chapter 8 brings us to inflation. And honestly, after all the credit stuff, this chapter feels like a breath of fresh air. It is a different beast. The inflation market is less developed than fixed income or credit. There is no inflation bond future. The options market is thin. Forward inflation trading was still finding its feet when this book was written.
Credit Trading: Single Name and Portfolio Strategies
This is a retelling of Chapter 7 (Part 2) from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Relative Value in Credit: CDS Basis and Credit Term Structure
This is a retelling of Chapter 7 (Part 1) from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Yield Curve Curvature, Butterflies and Structured Products
This is a retelling of Chapter 6 (Part 2) from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Trading the Yield Curve: Terminology, Short End and Slope Strategies
This is a retelling of Chapter 6 (Part 1) from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Sovereign Bond Spread Measures and Asset Swap Analysis
This is the second half of Chapter 5, where the authors get into the weeds of how to actually measure value in bonds. If the first half was about understanding the yield curve, this half is about the tools you use to identify which bonds are cheap and which are rich.
Identifying Value in Sovereign Bonds: Understanding the Yield Curve
Chapter 5 brings us to the classic fixed income question: which bonds are cheap and which are rich? But the authors remind us right away that cheap-rich analysis is just one part of relative value. The bigger question remains: what is the best way to express a particular view?
Options and Trading Volatility: Expressing Views Through Derivatives
This is the second half of Chapter 4, and it is where options come alive. The first half covered basis trading and swap spreads. Now we get into the forward-swap relationship, and then spend serious time on how traders use options to express views on both direction and volatility.
Expressing Market Views: Spot, Forward and Swap Trading Strategies
Chapter 4 is where theory starts doing real work. The authors take the relative value triangle from earlier chapters and actually build trades around it. This is the part where you stop nodding along and start seeing how the pieces fit together.
Options Risk and Value at Risk: Managing the Greeks and Beyond
This is Part 2 of our retelling of Chapter 3 from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Market Risk Management: What Risk Really Means in Fixed Income
This is Part 1 of our retelling of Chapter 3 from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Pricing Relationships: Swaps, Options and the Forward Connection
This is Part 2 of our retelling of Chapter 2 from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Pricing Relationships: The Relative Value Triangle and Spot Pricing
This is Part 1 of our retelling of Chapter 2 from “Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide” by Neil C. Schofield and Troy Bowler (Wiley, 2011, ISBN: 978-0-470-74229-7).
Product Fundamentals: Bonds, Repos and Derivatives Explained Simply
Chapter 1 is the foundation. It covers all the products you need to know before the book gets into the actual trading strategies. If you already know bonds, repos, swaps, and options, you can skim. But honestly, a quick review never hurts.
Trading Fixed Income, Inflation and Credit Markets: A Book Retelling Series
This is the start of a retelling series where I break down a serious fixed income textbook into something you can actually read without falling asleep.