Ms Whitney predicted "hundreds of billions" in defaults within a year of her pronouncement. Which totally didn't happen.
No doubt eventually munis will fade compared to other investments. But a prediction has to be time specific, it seems to me. Otherwise it doesn't amount to much. I regret my initial tone in my reply. On Fri, Jul 20, 2012 at 6:27 PM, Sabri Oncu <[email protected]> wrote: > Max: > > > Are you high? > > > > If you bought a muni index in Dec 2010 you'd be up three percent now. > Not > > too rich, but in stark contrast to her clownish prophecies. > > On another note, managing Munis is one of the most boring things you > can imagine Max, as I know from my experience with a few institutional > money managers. Being assigned to the Muni department is one of the > worst punishments at such places. You just buy the Munis and sit on > them. That is how it works. > > It is like the difference between a glacier and a turbulent river. > What is not known is that a glacier is a turbulent river as well, > except that glaciers flow on a longer time scale. Also, they have been > marketing the Munis as safe things to the well-to-do for quite some > time (for the last three years or so), so much money has been diverted > to the Munis in the past few years. > > It is just a matter of time. > > Best, > Sabri > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l >
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