There really is no "hall" of fame at the Fixed Income Analysts Society. Which is to say, there is no physical wing of its Garden City Park, N.Y., offices reserved for memorabilia and austere portraits of the 16 inductees.
It's more of an honorary thing.
Which does not at all diminish the honor of joining the 16 people who have been inducted into the society's Hall of Fame since 1995.
This year, Abner D. Goldstine, Oldrich A. Vasicek and Frank J. Fabozzi were inducted at a November ceremony at the Roosevelt Hotel in New York.
They join a list that includes Martin Leibowitz, Fischer Black and Eunice Reich-Berman.
Mr. Goldstine has spent the better part of the last 35 years at Capital Research & Management Co., Los Angeles. In 1974, he helped establish the Bond Fund of America, which now has assets of $14 billion.
At the time, Mr. Goldstine said, high-yield debt wasn't an option in fixed-income portfolios, and hardly anyone was doing credit analysis. Today, he said, volatility in credit markets is high, reflecting a "hangover from the euphoria of the new economy."
Mr. Vasicek, the "V" in KMV Corp., San Francisco, is best known for his work in Wells Fargo Bank's management science department and for his 1977 paper, "An Equilibrium Characterization of the Term Structure," which laid the foundation for development of the interest rate derivatives market.
In 1989, Mr. Vasicek, along with Stephen Kealhofer and John McQuown, formed KMV to develop tools to help institutional investors evaluate and price credit. It was acquired by Moody's in April 2002.
The energetic Mr. Fabozzi has made a name for himself as an adjunct finance professor at Yale University, New Haven, Conn., as the editor of the Journal of Portfolio Management. His name can also be found on a hundred or so financial education books, of which he is either editor or author.