chapter TABLE OF CONTENTS - Money Education€¦ · chapter Table of Contents XIII TOC Exceptions to Common Bond Designs

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IX

TABLE OF CONTENTS

Chapter 1 | Introduction to InvestmentsIntroductiontoInvesting................................................................................2

HowtoSaveMore .......................................................................................... 6

GoalsofInvesting........................................................................................7InvestorsandTheirGoals ................................................................................... 8HowInvestorsBuildPortfolios.............................................................................11HabitsofSuccessfulInvestors..............................................................................12

HowtheTextisDesigned ............................................................................... 14

Chapter 2 | Securities Laws, Market Structure, and Asset ClassesLearningObjectives .................................................................................... 16

SecuritiesLawsandRegulations ........................................................................ 16GovernmentLegislation ...................................................................................17SecuritiesandExchangeCommission(SEC)................................................................18IndependentOrganizations................................................................................20

MarketStructure....................................................................................... 21U.S.TreasurySecurities ....................................................................................21SharesofStockandAllOtherBondIssues ..................................................................22SecondaryMarket .........................................................................................22

MarketParticipants .................................................................................... 23Broker-Dealers............................................................................................24SecuritiesExchanges.......................................................................................24IndividualAdvisers ........................................................................................24FinancialInstitutions......................................................................................25Self-RegulatoryOrganizations .............................................................................25TransferAgents ...........................................................................................27

AssetClasses ........................................................................................... 27CashandMoneyMarketSecurities .........................................................................27Fixed-IncomeSecurities ...................................................................................31Equities ...................................................................................................41

Summary ............................................................................................... 46

KeyTerms.............................................................................................. 47

DiscussionQuestions ................................................................................... 50

Multiple-ChoiceProblems .............................................................................. 51

QuickQuizExplanations ................................................................................ 52

Table of ContentsX

Chapter 3 | Risk & ReturnLearningObjectives .................................................................................... 54

Introduction............................................................................................ 54

MethodsofMeasuringReturn .......................................................................... 55HoldingPeriodReturn.................................................................................... 57AverageReturn........................................................................................... 58InternalRateofReturn.................................................................................... 61AnnualizedReturn ........................................................................................ 65BondEquivalentYield(BEY).............................................................................. 66Weighted-AverageReturn................................................................................. 66After-TaxReturn.......................................................................................... 67RealReturn ............................................................................................... 68EffectiveAnnualRateofReturn ........................................................................... 70

MethodsofAssessingRisk .............................................................................. 71TypesofSystematicRisks ................................................................................. 73TypesofUnsystematicRisks .............................................................................. 80LiquidityandMarketability ............................................................................... 87

MethodsofMeasuringRisk............................................................................. 88StandardDeviation().................................................................................... 88SkewnessandKurtosis.................................................................................... 94Low-Probability,High-ImpactEconomicEvents ........................................................... 96Beta ...................................................................................................... 97HowcanBetabeUsedwithIndividualSecurities? ......................................................... 98Correlation ............................................................................................... 99Covariance............................................................................................... 103Semivariance............................................................................................ 104CoefficientofVariation................................................................................... 106ValueatRisk ............................................................................................. 107

ComprehensiveExamples .............................................................................111NewYorkYankees....................................................................................... 111AppleStock .............................................................................................. 112Jack’sPortfolio ........................................................................................... 115

Summary ..............................................................................................116

KeyTerms.............................................................................................118

DiscussionQuestions ..................................................................................120

Multiple-ChoiceProblems .............................................................................121

QuickQuizExplanations ...............................................................................122

Chapter 4 | Portfolio TheoryLearningObjectives ...................................................................................124

Introduction...........................................................................................124

HistoricalReturnsandRisk............................................................................125

Diversification ........................................................................................127

PortfolioRiskandReturn..............................................................................128

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Table of Contents XI

TOCTheEfficientFrontier..................................................................................133

ModernPortfolioTheory ..............................................................................136ArbitragePricingTheory(APT) ..........................................................................140

RiskTolerance ........................................................................................141RiskToleranceandAssetAllocation......................................................................146

AssetAllocation .......................................................................................150StrategicAssetAllocation ................................................................................150TacticalAssetAllocation.................................................................................150Core-SatelliteAllocation.................................................................................151MarketTimingandSectorRotation ......................................................................151Mean-VarianceOptimizationModels .....................................................................152

InvestmentPolicyStatements .........................................................................152

TimeDiversification...................................................................................154BuildingPortfoliosofMutualFunds,ETFs,andSeparatelyManagedPortfolios ............................154

Summary ..............................................................................................156

KeyTerms.............................................................................................159




Chapter 5 | Investment Decisions and Attribution AnalysisLearningObjectives ...................................................................................164

Introduction...........................................................................................164

BenchmarkPortfolio ..................................................................................165FormingaBenchmarkPortfolio ..........................................................................167

PerformanceMeasures................................................................................168

TheAssetAllocationDecision..........................................................................170AssetAllocationStrategies ...............................................................................171

AssetSelectionDecision...............................................................................173DiscountedCashFlowTechnique ........................................................................173RelativeValuationwithMultipliers.......................................................................174TechnicalAnalysis .......................................................................................176Indexing .................................................................................................177

SummaryExample.....................................................................................177Taft’sDiscountedCashFlowAnalysis ....................................................................178Taft’sTechnicalAnalysis .................................................................................178TaftSummary ...........................................................................................178

AttributionAnalysisandFamaDecomposition .........................................................179

Brinson,Hood,andBeebower(BHB)Model ............................................................181

Fixed-IncomeAttributionAnalysis.....................................................................184

Summary ..............................................................................................188

Table of ContentsXII

KeyTerms.............................................................................................189




Chapter 6 | Market Efficiency & Behavioral FinanceLearningObjectives ...................................................................................196

BriefHistoryofFinancialDecisionMaking .............................................................196

ModernDayFinance&ModernPortfolioTheory(MPT) ................................................198TheEfficientMarketHypothesis.......................................................................... 200

BehavioralFinance ....................................................................................203Framing ................................................................................................. 204BehavioralFinanceandProspectTheory................................................................. 206BehavioralFinanceandCognitiveErrors................................................................. 208BehavioralFinanceandEmotionalBiases ................................................................ 210

MoneyManagersandBehavioralIssues................................................................212

ConcludingRemarksRegardingaBlendofTraditionalandBehavioralFinance ........................213

Summary ..............................................................................................214

KeyTerms.............................................................................................216




Chapter 7 | Fixed-Income SecuritiesLearningObjectives ...................................................................................224

Introduction...........................................................................................224

TypesofFixed-IncomeSecurities......................................................................225

MoneyMarketandShort-TermDebtSecurities ........................................................226TreasuryBills(T-Bills) ................................................................................... 226CommercialPaper ....................................................................................... 228MoneyMarketDepositAccounts ......................................................................... 228CertificatesofDeposit(CDs) ............................................................................. 229Bankers’Acceptances.................................................................................... 230RepurchaseAgreements ................................................................................. 230FederalFunds ........................................................................................... 230Short-TermMunicipalDebtObligations .................................................................. 231EurodollarDeposits...................................................................................... 231

CommonFeaturesofBonds&BondTerminology ......................................................231CouponRate ............................................................................................. 231YieldtoMaturity ......................................................................................... 232SecuredandUnsecuredBonds ........................................................................... 232BondswithEmbeddedOptions........................................................................... 233

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Table of Contents XIII

TOCExceptionstoCommonBondDesigns....................................................................234AccruedInterest .........................................................................................235BondPriceQuotes.......................................................................................236

U.S.GovernmentBondsandAgencySecurities .........................................................237TreasuryNotesandBonds ...............................................................................237TreasurySTRIPS.........................................................................................238TreasuryInflationProtectedSecurities(TIPS)............................................................240U.S.SavingsBonds .......................................................................................240U.S.GovernmentAgencyandSponsoredSecurities.......................................................242

MunicipalBonds.......................................................................................243

CorporateBonds ......................................................................................246

CollateralizedMortgageObligations(CMOs)...........................................................250

ForeignBonds .........................................................................................252

PromissoryNotes......................................................................................253

GuaranteedIncomeContracts(GICs)...................................................................253

ConvertibleBonds .....................................................................................254

Summary ..............................................................................................257

KeyTerms.............................................................................................258


MultipleChoiceProblems .............................................................................262


Chapter 8 | Fixed-Income Securities - AnalysisLearningObjectives ...................................................................................266

Introduction...........................................................................................266

ValuationofFixed-IncomeSecurities ..................................................................266BasicCalculationExample ...............................................................................267CalculationInputs .......................................................................................268

MeasureofBondReturns ..............................................................................269CurrentYield(CY).......................................................................................269YieldtoMaturity(YTM)..................................................................................270YieldtoMaturityforaZero-CouponBond ................................................................272YieldtoCall(YTC) .......................................................................................273ComparingCorporateReturnsandMunicipalBondReturns(TaxFree)...................................274

RisksofFixed-IncomeSecurities.......................................................................276InterestRateRisk........................................................................................276Default(orCredit)Risk..................................................................................278ReinvestmentRateRisk..................................................................................279PurchasingPowerRisk ..................................................................................279CallRisk .................................................................................................280ExchangeRateRisk ......................................................................................280LiquidityRisk............................................................................................280

Table of ContentsXIV

StructureofInterestRates.............................................................................280YieldCurves............................................................................................. 280YieldCurveTheories ..................................................................................... 281

BondPriceVolatility...................................................................................284BondPricesMoveInverselytoChangesinYields ......................................................... 285Longer-TermBondsAreMoreVolatileThanShorter-TermBonds......................................... 285LowerCouponBondsAreMoreVolatile.................................................................. 287BondPriceConvergence ................................................................................. 288

Duration,Immunization,andConvexity................................................................289CalculatingDuration(Macaulay) ......................................................................... 290DurationasaMeasureofaBond’sVolatility.............................................................. 292ModifiedDuration ....................................................................................... 293EffectiveDuration........................................................................................ 295PortfolioDuration ....................................................................................... 296ProblemswithDuration................................................................................. 297UsingDurationtoImmunizeBondPortfolios............................................................. 300Convexity ................................................................................................ 303

BondPortfolioManagementStrategies ................................................................305PassiveStrategies ........................................................................................ 305ActiveStrategies ......................................................................................... 306

Summary ..............................................................................................311

KeyTerms.............................................................................................312


MultipleChoice........................................................................................315


Chapter 9 | Equity Securities - IntroductionLearningObjectives ...................................................................................318

Introduction...........................................................................................318

BasicConceptsofOwnership-TypeInvestments .......................................................319WhatOwnershipMeans.................................................................................. 319Dividends................................................................................................ 321CapitalAppreciation..................................................................................... 328DividendsorCapitalAppreciation:WhichisBetter?...................................................... 329Voting................................................................................................... 330MaintainingOwnershipPercentage ...................................................................... 330Liability.................................................................................................. 330Liquidation.............................................................................................. 331

TypesofEquitySecurities .............................................................................333CommonStock........................................................................................... 333MarketCapClassification ................................................................................ 337TreasuryStock........................................................................................... 338ClassifiedCommonStock................................................................................. 339PreferredStock.......................................................................................... 342ForeignSecurities........................................................................................ 344

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Table of Contents XV

TOCEquityMarketsandBenchmarks ......................................................................346

InitialPublicOffering....................................................................................346PrimaryMarket..........................................................................................351SecondaryMarket .......................................................................................360ThirdandFourthMarkets ...............................................................................360

MarketIndexesandAverages..........................................................................361Price-WeightedIndex ....................................................................................361MarketCapitalization-Weighted(orCap-Weighted)Index ................................................362Equal-WeightedIndex...................................................................................362DowJonesIndustrialAverage ............................................................................363Standard&Poor’s500Index .............................................................................364Wilshire5000Index.....................................................................................366RussellU.S.Indexes ......................................................................................366Barron’s400Index ......................................................................................367MSCIEAFAIndex........................................................................................367NASDAQ.................................................................................................368

InvestingInEquitySecurities ..........................................................................368LongPositions ...........................................................................................368ShortPositions ..........................................................................................369

MarginAccounts.......................................................................................372DeterminingthePriceforaMarginCall ..................................................................372DeterminingHowMuchtoPutUptoRestoretheAccountEquity .........................................373

TypesofOrders .......................................................................................374MarketOrder ............................................................................................374LimitOrder ..............................................................................................375StopOrders..............................................................................................375TimeLimitationsandSpecialOrders .....................................................................377OrderSizeandPricing...................................................................................377BrokerageIndustry ......................................................................................378

Summary ..............................................................................................378

KeyTerms.............................................................................................381




Chapter 10 | Equity Securities - AnalysisLearningObjectives ...................................................................................388

Introduction...........................................................................................388

FundamentalAnalysis .................................................................................389Bottom-UpversusTop-DownApproaches................................................................389EconomicAnalysis .......................................................................................390FederalGovernmentPolicyandItsInfluences ............................................................393BusinessCycles ..........................................................................................398

Table of ContentsXVI

IndustryAnalysis ......................................................................................400IndustryLifeCycle ....................................................................................... 400Porter’sFiveCompetitiveForces......................................................................... 401CompanyAnalysis ....................................................................................... 403FinancialAnalysts........................................................................................ 404SourcesofInformation ................................................................................... 404SWOTAnalysis........................................................................................... 405

RatioAnalysis.........................................................................................406

TechnicalAnalysis.....................................................................................417ComparisonwithFundamentalAnalysis .................................................................. 417ToolsofTechnicalAnalysis............................................................................... 418SupportandResistanceLevels ........................................................................... 424

Summary ..............................................................................................425

KeyTerms.............................................................................................427




Chapter 11 | Equity Securities - ValuationLearningObjectives ...................................................................................434

Introduction...........................................................................................434

ValuationofEquitySecurities..........................................................................436ValuationofCommonStockforGoingConcerns .......................................................... 436ValuingCommonStockWithoutaGoingConcernAssumptionorforCompanieswithNaturalResources .. 437

PresentValueModels..................................................................................438BasicPresentValueModel ............................................................................... 439DividendDiscountModel(DDM)......................................................................... 440ConstantGrowthDividendModel ........................................................................ 440H-Model................................................................................................. 446ValuationUsingFreeCashFlows......................................................................... 447

RelativeValuationMethods(PriceMultiples) ..........................................................449PERatio ................................................................................................. 450ThePEGRatio ........................................................................................... 453Price-to-SalesRatio...................................................................................... 454Price-to-Cash-FlowRatio................................................................................. 454Price-to-BookRatio...................................................................................... 454

Summary ..............................................................................................458

KeyTerms.............................................................................................460


MultipleChoiceQuestions.............................................................................463


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Table of Contents XVII

TOCChapter 12 | Investment CompaniesLearningObjectives ...................................................................................466

Introduction...........................................................................................466

InvestmentCompanyCharacteristics ..................................................................469

UnitInvestmentTrusts................................................................................470

Exchange-TradedFunds(ETFs) ........................................................................471

Closed-EndInvestmentCompanies ....................................................................474

Open-EndInvestmentCompanies(MutualFunds)......................................................475

MutualFundFeesandCosts ...........................................................................477LoadsorSalesCharges...................................................................................477OtherMutualFundFeesandCosts.......................................................................479

MutualFundClassification.............................................................................483LoadversusNo-LoadFunds..............................................................................483ClassesofLoadFundShares .............................................................................483ExpenseRatiosforDifferentTypesofFunds..............................................................485

AdvantagesofMutualFunds ...........................................................................485LowInitialInvestment ...................................................................................485Diversification ...........................................................................................486EaseofAccess...........................................................................................486ProfessionalManagement................................................................................487TaxEfficiencyofManagementFees ......................................................................487Liquidity ................................................................................................487TransactionCostEfficiency ..............................................................................488RangeofMutualFundProducts ..........................................................................488Services.................................................................................................488

DisadvantagesofMutualFunds ........................................................................489PoorRelativePerformance...............................................................................489ControlIssues...........................................................................................489Fees,Loads,andExpenses ...............................................................................489CashReserves...........................................................................................490NoInsurance............................................................................................490MarketImpact ...........................................................................................490ChoiceofManyFunds....................................................................................490ClassificationSystem ....................................................................................490TaxInefficiencies........................................................................................491

TypesandObjectivesofMutualFunds .................................................................491MoneyMarketMutualFunds.............................................................................491Fixed-IncomeMutualFunds .............................................................................493EquityMutualFunds.....................................................................................496HybridorBalancedFunds ...............................................................................497

Summary ..............................................................................................498

KeyTerms.............................................................................................499

DiscussionQuestion ...................................................................................501


Table of ContentsXVIII


Chapter 13 | Investment Company - AnalysisLearningObjectives ...................................................................................506

Introduction...........................................................................................506

AssetAllocationUsingMutualFunds...................................................................507StepsintheInvestmentProcess .......................................................................... 507MeanVarianceOptimization............................................................................. 508PortfolioPerformanceReport ............................................................................ 509MutualFundSelectionbyProfessionalInvestmentAdvisers.............................................. 510

TheFundProspectus ..................................................................................511MutualFundObjective................................................................................... 511InvestmentPolicyandStrategy........................................................................... 512ManagerTenure......................................................................................... 514TotalAnnualReturns .................................................................................... 514PortfolioTurnover ....................................................................................... 515FeesandExpenses ....................................................................................... 516RisksofInvesting........................................................................................ 517BuyingandSellingShares ................................................................................ 517MinimumInitialInvestment.............................................................................. 517InvestorServices......................................................................................... 518

ModernPortfolioTheoryStatistics ....................................................................518CoefficientofCorrelation(R) ............................................................................. 518CoefficientofDetermination(R2)......................................................................... 519Beta ..................................................................................................... 520

PerformanceMeasures................................................................................521Jensen'sAlpha........................................................................................... 521SharpeRatio ............................................................................................. 524TreynorRatio............................................................................................ 525

IssuesfortheManagementofMutualFunds ...........................................................528ChangingAssetSize ...................................................................................... 528StyleShift ................................................................................................ 528ManagerChanges........................................................................................ 529Built-InCapitalGains .................................................................................... 530

Summary .............................................................................................530

KeyTerms.............................................................................................531




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TOCChapter 14 | Derivatives: Introduction, Futures & SWAPsLearningObjectives ...................................................................................536

Derivatives ............................................................................................536

FuturesContracts .....................................................................................538IntroductiontoFuturesContracts ........................................................................538FuturesExchanges.......................................................................................543PriceLimits..............................................................................................544TypesofOrders..........................................................................................544FuturesContractAgreements ............................................................................545FuturesContractPositions ...............................................................................548FuturesContractPrices ..................................................................................550ClosingaFuturesContract...............................................................................552TaxImplicationsofFuturesContracts1256Contracts ....................................................553

Swaps.................................................................................................553PlainVanillaSwap.......................................................................................555CurrencySwaps .........................................................................................557

Summary ..............................................................................................558

KeyTerms.............................................................................................560


MultipleChoice ........................................................................................563


Chapter 15 | Derivatives - OptionsLearningObjectives ...................................................................................566

Introduction...........................................................................................566

OptionTerminology ...................................................................................568

OptionPositions.......................................................................................570BuyaCall ................................................................................................572SellaCall................................................................................................574BuyaPut ................................................................................................575SellaPut ................................................................................................576OptionMoneynessandIntrinsicValue ...................................................................578

TradingOptionContracts ..............................................................................579OptionOrders...........................................................................................580MarketOrdersandLimitOrders .........................................................................581

TypesofOptions.......................................................................................583

OptionStrategies ......................................................................................583ProtectivePut ...........................................................................................584CoveredCallandNakedOptions .........................................................................585ProtectiveCall ...........................................................................................586Collar....................................................................................................587Straddles................................................................................................589Strangles,StripsandStraps..............................................................................590

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SecuritieswithEmbeddedOptions.....................................................................593CallableBonds ........................................................................................... 593ConvertibleBond........................................................................................ 593Warrants ................................................................................................ 595

OptionValuation ......................................................................................595Put-CallParityModel .................................................................................... 596BinomialOptionPricingModel(BOPM) .................................................................. 599Black-Scholes-MertonOptionValuationModel ........................................................... 604ApplicationsofOptionValuation......................................................................... 606

Summary ..............................................................................................607

KeyTerms.............................................................................................608




Chapter 16 | Alternative InvestmentsLearningObjectives ...................................................................................616

Introduction...........................................................................................616

CriticalAlternativeInvestmentFactors................................................................617Benefits.................................................................................................. 617Risks .................................................................................................... 618

Commodities..........................................................................................620Agricultural .............................................................................................. 621Livestock................................................................................................ 622Dairy .................................................................................................... 622Lumber .................................................................................................. 623Textiles .................................................................................................. 623Softs ..................................................................................................... 623

DerivativeSecurities ..................................................................................624

FuturesContracts .....................................................................................626

VentureCapital........................................................................................627Risks .................................................................................................... 628AngelInvesting.......................................................................................... 629

ArtandCollectibles ...................................................................................629

HedgeFunds ..........................................................................................631ImportantRisksofHedgeFundInvesting................................................................. 632

PrivateEquity.........................................................................................633Risks .................................................................................................... 634

RealEstate ............................................................................................637RealEstateCategories ................................................................................... 638Risks .................................................................................................... 639NetOperatingIncome.................................................................................... 640

Summary ..............................................................................................642

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TOCKeyTerms.............................................................................................644




Chapter 17 | Taxation of Investment SecuritiesLearningObjectives ...................................................................................650

Introduction...........................................................................................650TheThreeTypesofIncome..............................................................................650BasisRules..............................................................................................651

GeneralRulesofTaxation .............................................................................654OrdinaryIncome ........................................................................................654PortfolioIncome.........................................................................................655PassiveIncome..........................................................................................660

OtherTypesofTaxes ..................................................................................662NetInvestmentIncome(2013andBeyond)..............................................................662AlternativeMinimumTax(AMT).........................................................................663

SpecialTaxationIssueswithStockInvesting ...........................................................665Sale .....................................................................................................665Splits ....................................................................................................665WarrantsandRights .....................................................................................667Spin-offs.................................................................................................667ShortSalesandShortingagainsttheBox.................................................................668WashSales ..............................................................................................670MethodsofDeterminingBasisontheSaleofStock .......................................................671

TaxationofBonds .....................................................................................673Interest(CouponPayments).............................................................................673OriginalIssueDiscount,MarketDiscount,andMarketPremiumBonds ...................................673MunicipalBonds .........................................................................................676U.S.GovernmentBonds..................................................................................677BondSwaps.............................................................................................678

TaxationofMutualFunds..............................................................................678Open-EndMutualFunds.................................................................................678Closed-EndFunds .......................................................................................680UnitInvestmentTrusts ..................................................................................681

TaxationofRealEstateOwnedDirectlybyanInvestor.................................................681InGeneral...............................................................................................681IRCSection121-TaxationoftheSaleofaPrincipalResidence............................................682IRCSection1031 ........................................................................................683StateandLocalTaxation(PropertyTaxes) ...............................................................683InterestonLoansUsedtoAcquireRealEstate ............................................................684TaxationofRealEstateInvestmentTrusts(REITs) .......................................................684

TaxationofDerivatives ................................................................................685TaxationofOptions ......................................................................................685TaxationofFuturesandOther1256Contracts ...........................................................689

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InvestmentExpenses..................................................................................690InvestmentInterestExpense ............................................................................. 690Investment-RelatedExpenses ............................................................................ 690

IRAs,401(k)s,andOtherTaxDeferredAccounts .......................................................691

Summary ..............................................................................................692

KeyTerms.............................................................................................694




Chapter 18 | Investment Policy StatementLearningObjectives ...................................................................................700

Introduction...........................................................................................700

ThePortfolioManagementProcess....................................................................700

FiduciaryResponsibilities.............................................................................701CFA®Ethics............................................................................................. 701CFA®InstituteStandardsofProfessionalConduct........................................................ 702CFP®ProfessionalEthics................................................................................ 703

TheInvestmentPolicyStatement......................................................................704IndividualInvestorConstraints .......................................................................... 707ReturnObjective ......................................................................................... 708RiskObjective ........................................................................................... 709RolesandResponsibilitiesofManagers................................................................... 711MacroeconomicAnalysis ................................................................................. 711IndustryAnalysis........................................................................................ 711SecurityAnalysis......................................................................................... 712PortfolioAnalysis ........................................................................................ 712

InstitutionalInvestors .................................................................................714PensionFunds........................................................................................... 715EndowmentFunds ....................................................................................... 721

Summary ..............................................................................................723

KeyTerms.............................................................................................724




Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729

Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751

Documents

chapter TABLE OF CONTENTS - Money Education€¦ · chapter Table of Contents XIII TOC Exceptions to Common Bond Designs