Biotech Values

[zipjet]

My advice (FWIW): Eschew muni funds and own only short- and medium-term individual munis that you plan to hold until maturity.

That is an interesting statement. I know a few people that can live very well off even a low muni rate of return. For them muni's are the investment of choice and dominate their portfolio. Even 30 year bonds are intended to be held to maturity and of course the duration is much shorter and for the wealthy duration is more critical than maturity.

As to the argument that muni's are going to see sharp drops in value - well - it will not be from rising interest rates IMO.

And defaults - well - around here the layoff of government workers are very significant and where layoffs are not being used, rif by non-replacement of workers is the rule.

ij