I don't know any wealthy people who don't own at least some muni bonds. They've outperformed most stocks since 1999 certainly... especially outperforming the tech stocks that many rookies were over-weighted in around 1999
Iman: I believe I've mentioned the Leggett & Platt inc convertible bonds issued around 1980 as an example of a fabulous bond investment. I own a mix of individual corp bonds, muni bonds and Vanguard bond funds.
Investorman and I go waaaay back. He knows my investing style, which has remained consistent. I don't claim to have hit many home runs. But Iman knows I sleep well in bear markets. No question I've done better than 98% of IHUBBERs since 1999. And I agree with him that market timing never works.
As for ultra high yield investments such as MVO, my mind is quite open. But when I check out such "products" there are just too many fees and the performance usually falls short over the long haul.
Generally they've had a terrible last year or two.
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