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“Muni bonds have to offer a yield premium at the long end to incentivize investors. An individual has to consider whether they will be in the same tax band in 20 years’ time” Bryan Williams |
Williams is the managing principal of Rockwater Hedge, a fund of hedge funds investing only in managers applying that strategy.
It is not an easy job. As far as he knows, there are only about 25 municipal bond arbitrage hedge funds in the US.
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