Where to Learn?
There is plenty of information available for learning valuation methodologies for IB (M&I, WST, BIWS, etc.).
Do any of you have any recommendations as to how to learn about fixed income and portfolio management? I guess I'm talking about things that range from what duration is to various hedging strategies with delta and gamma. Any suggestions please?
I 2nd this, any good books or blogs would also be appreciated
I'm also interested in this
Most Banks produce in-house booklets with strategies and notes on the various asset classes.
I can recommend some really good books on FI and portfolio management, but these are academic texts and are usually better when used at University.
Go for it
Don't mean to derail the thread here, but generally for FI you are better served to understand how analyze companies and the industries in which they compete. For bigger picture PM work, it is also complex and you generally would have to a) have been trading FI for a few years before you can put together portfolios in a technical/relative value way, or b) have been in research for a few years so you can direct a trader which bonds to consider buying. Once you learn how to do research on a company/industry level, then valuation comes in but it is not like equity valuation it is instead somewhat based on relative value (to other company spreads), how far out on the curve to go, etc. Learning how to do this through books would be almost impossible as you would have to monitor spreads, interest rate levels, liquidity, etc. on a daily basis. This is why my suggestion for learning how to do FI PM work would be to try and get in with a FI AM firm - they will typically look for someone who has trading experience and/or experience with research. Research is probably an easier route to take for most, circling back to my suggestion of learning how to analyze companies.
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