PCL would not work for me , I take enormous risks in stocks, and although they represent less than 5% of my assets they involve 96% of my psychological interest.
PCL is a bet on the demand for timber and would work with my stock picking cap on, but the other no touchy money cap, for these larger funds, well those funds need better certainty according to my information processing center. For years that cap covered the head of a party who only bought individual short term tax free munis. I slowly and reluctantly went into the tax free funds like FKNIX and LTNYX, both paid 4 times more than near term muni bonds. But Buffet was right when he said like you mentioned earlier that staying in those funds were like trying to pick up a dime in front of a steam roller. I also do not like the accounting profile of reporting the Lt capital gains tax, as opposed to the unreported Muni income, except for a lump sum box notation.
My LA Condo stuff pays 4% tax free ( once depreciation is appealed to) and has unrealized gains of 33% in 2 years of starting this endeavor. See Blackstone did same over about same period, but largest scale in real estate history. I posted on IHUB a few years back of my AUD investment at .62 with 5% interest, hated to sell at .96 missing the nice 1.05 top 2 months ago, and no recourse to alternative investment as real estate sweet spot now destroyed.. That was my resource play on Australia commodities, although 4 other factors also influence their currency.
I assume PML soared after SA article , may give another look at lower 11.00's, if I can manage to conceive of an exit before your obstacles impinges?
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