Paul Muni

The savviest financial advisor we know has been buying municipal bonds hand-over-fist, but this time we can’t say that we share his confidence. Our friend Doug is a bear’s bear, an outside-the-box thinker and a full-throated deflationist who has contributed occasional commentaries to Rick’s Picks. Moreover, during the years we’ve know him he has done exceptionally well for his clients in good times and bad, even when his employer was breathing down his neck for going boldly against the crowd...Read Full Story

While it was readily apparent years ago, and we were reminded again during the 2008-2009 financial crash, markets had temporarily forgotten that municipalities across the nation are virtually insolvent and should already have declared bankruptcy.  If they have not yet “restructured” their debt, they should and they will.  After decades of politicians writing checks the future generation couldn’t pay by way of lavish public spending sprees, unsustainable defined benefit programs for public...Read Full Story

While it was readily apparent years ago, and we were reminded again during the 2008-2009 financial crash, markets had temporarily forgotten that municipalities across the nation are virtually insolvent and should already have declared bankruptcy.  If they have not yet “restructured” their debt, they should and they will.  After decades of politicians writing checks the future generation couldn’t pay by way of lavish public spending sprees, unsustainable defined benefit programs for public...Read Full Story

Oct. 28 (Bloomberg) -- Timothy Pynchon, who specializes in high-yield municipal bonds at Pioneer Investment Management Inc., talks about the outlook for the U.S. bond market and his investment strategy. He speaks with Lisa Murphy on Bloomberg Television's "Street Smart." (Source: Bloomberg)Read Full Story

Hey, have you noticed muni bonds lately?  They’re crashing! Muni bonds fall off a cliff (Source: StockCharts.com ) We shall see where they go from here – but the recent rally sure looks like it your standard fare retracement/dead cat bounce – paving the way nicely for the next leg lower. DailyWealth’s Dan Ferris believes this is a very scary chart for income investors: Municipal bonds are crashing because the financial crisis has caused tax receipts around the country to drop… and...Read Full Story