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High-Yield Munis Are Only Bonds That Stack Up To Stocks – Bernstein
Well, if you see this sort of (silly) talk perpetuated here and there in the next several weeks, then that's your sign: if you're in, prepare to leave, and if you're not in, stay away. The pump-and-dump will be on.
I'm always suspicious of all-inclusive words like "only". Any kid knows that's usually a signal that the statement on the T/F test is probably "false."
Scanning the article, the author - not Bernstein - seems to be supplying the "only." Without Bernstein's full text - it's hard to evaluate.
Bernstein is competent and seasoned, but wouldn't be among the "brightest lamps" I'd look to for clues on where the markets are heading. Wasn't too impressed when he made occasional appearances on the old Wall Street Week program about 20 years ago. Often found himself "odd man out" being out-smarted by some of the others as I recall.
Scanning the article, the author - not Bernstein - seems to be supplying the "only." Without Bernstein's full text - it's hard to evaluate.
Yep, Hank, it seems to be Michael Aniero's style to overstate just about everything, plus he doesn't supply a link where you can see what the source actually said, in context. (He does supply links most of the time, but I got sick of having to follow them to verify what he says so emphatically in the blog, so have pretty much stopped reading him.)
See my post above two months ago about Bernstein's love of junk munis. And as Hank alluded to above, back in the days Bernstein was one of my favorite contrarian indicators.
Comments
Scanning the article, the author - not Bernstein - seems to be supplying the "only." Without Bernstein's full text - it's hard to evaluate.
Bernstein is competent and seasoned, but wouldn't be among the "brightest lamps" I'd look to for clues on where the markets are heading. Wasn't too impressed when he made occasional appearances on the old Wall Street Week program about 20 years ago. Often found himself "odd man out" being out-smarted by some of the others as I recall.
See my post above two months ago about Bernstein's love of junk munis. And as Hank alluded to above, back in the days Bernstein was one of my favorite contrarian indicators.
Stocks vs. High Yield Munis, September 16, 2014, by Richard Bernstein