  We aim to construct a general framework for portfolio management in
continuous time, encompassing both stocks and bonds. In these lecture notes we
give an overview of the state of the art of optimal bond portfolios and we
re-visit main results and mathematical constructions introduced in our previous
publications (Ann. Appl. Probab. \textbf{15}, 1260--1305 (2005) and Fin. Stoch.
{\bf9}, 429--452 (2005)).
  A solution of the optimal bond portfolio problem is given for general utility
functions and volatility operator processes, provided that the market price of
risk process has certain Malliavin differentiability properties or is finite
dimensional.
  The text is essentially self-contained.
