Muni Bonds Issued By High-Tax States Are Overvalued, Invest Elsewhere
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How often have you heard a value equity manager say his sector is overdone? Or have you ever heard a growth manager shout from the rooftops that growth stocks are overvalued? Probably not.
Well, as a bond manager I will break the rules and tell you municipal bonds issued by high tax states are overvalued. Grotesquely overvalued.
These nose bleed high municipal bond prices in California,…