Replies to post #113008 on Biotech Values

[oc631]

Irrelevant to the point, which is that it is not rational for an instrument collateralized by Treasuries to have a yield materially greater than Treasuries, since the credit risk on the municipal is not greater than the credit risk on the Treasuries, especially since the municipal instrument is tax-exempt while the Treasuries are not.

I understand the point of the article. I'm making my own point about this anomaly.