This article presents a highly intuitive approach for visualizing return distributions for a basic form of cash/equity allocations. This “percentile fan” framework can help clarify some of the key risk-return trade-offs in intuitive ways for a wide set of asset owners. In particular,...

A completely updated edition of theguide to modern bond analysisFirst published in 1972, Inside the Yield Bookrevolutionized the fixed-income industry and forever altered the way investors looked at bonds. Over forty years later, it remains a standard primer and reference among market...