The July Letter almost didn’t make it as the same old, same old markets continued their gravity defying ways. On July 7th however, The New York Times saw fit to publish this headline as their front-page lead: “From Stocks to Farmland, All’s Booming, or Bubbling.” (more…)
Posts Tagged ‘Municipal’
Exceptional Exceptions
In a world that includes dozens of US Treasury bond issues (but just one credit) or hundreds of Corporate bond issuers, Municipal bonds offer tens of thousands of different credits, terms and conditions. It is these differences, rather than their similarities, between issuers and issuances that account for the robustness of the municipal bond market. (more…)
Municipal Bonds Are Unique
Municipal bonds have been in the press more often lately. The Federal Reserve recently published a report on defaults in the municipal market precipitating arguments as to what constitutes a default as well as what constitutes a municipal bond. Such arguments bolster our position that while municipal bonds in the aggregate total almost $4 trillion, the marketplace is highly fragmented and the marketplace is a collection of tens of thousands of unique financial instruments too numerous to count. (more…)
Bankruptcy: When The Can No Longer Can Be Kicked
As the financial crisis enters its sixth year we find municipalities and their bonds increasingly in the news. Municipal woes appear to be on the rise. Therefore it is important to realize how unique each municipality is as well as how unique all of their municipal bonds can truly be. There is no such thing as a generic municipality nor is there any such thing as a generic municipal bond. Every municipality is different. Every municipal bond is different and therein lies the opportunity for you, the municipal bond investor.
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