munis

• “Besides well-publicized strains on local finances, there is growing recognition that investing in "munis" involves a leap of faith.”

  The Wall Street Journal: Jumping Into Munis Requires a Leap of Faith

• “He is using them in the short end of a "muni barbell," or a portfolio that is weighted between short- and longer-term munis, with few maturities in between.”

  The Wall Street Journal: Five Reasons to Rethink the Muni Rally

• “Long-term munis have fewer natural buyers—they are owned primarily by mutual funds and insurance companies, not retail investors.”

  The Wall Street Journal: Five Reasons to Rethink the Muni Rally

• “Shorter-term munis are even pricier: The percentage of an AAA-rated five-year muni to a five-year Treasury is now just 67%, down from 96% on Jan. 14.”

  The Wall Street Journal: Five Reasons to Rethink the Muni Rally

• “Even as the general market price of long term munis dropped over 20% in the fourth quarter of last year, virtually every major Wall Street investment bank continued to reassure investors that municipal bonds were a great buy.”

  The Huffington Post: Chriss Street: Why Bankers Want a Muni Bond Taxpayer Bailout

• “Unlike regular junk bonds, however, interest from high-yield munis is generally free from federal income taxes.”

  Fundline: SEC puts leveraged funds on hold

• “To be sure, while companies are required to turn in their audited financial information earlier, some argue that plenty of information about munis is available.”

  The Wall Street Journal: Muni Issuers Are Slow on Audits, Study Finds

• “Two of the main factors roiling the muni market were a surge in supply amid uncertainty about a popular bond-subsidy program and rising Treasury rates — which long-term munis tend to track — triggered by the Federal Reserve's bond-buying program, analysts say.”

  The Wall Street Journal: Munis Got Upended in 2010, and the Outlook Is Mixed

• “Treasury yields, which long-term munis tend to track.”

  The Wall Street Journal: The Weak Get Weaker as Muni Bonds Are Sold Off

• “Actually you can go to the mattresses, you can go to gold, you can go to high grade short term munis-with the interest being tax free.”

  Axelrod: "It’s surreal, so much of this is... It’s kind of hard to absorb and get your hands around all we’re trying to do."

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