Published in 1972 by two giants of the bond market, this classic text is described by Marty Leibowitz as being, at the time, a "big splash in a very shallow pond." It laid out bond mathematics—much of it for the first time—in depth and with precision. This was back in the "buy and hold" days of bond investing, so aspects of the book may seem quaint today. It offers insights more recent elementary books miss. This reissue of the original text includes an updated preface, a history of the book's origins, and new supplementary material ...