I sold my two longer duration muni bond funds earlier, but unfortunately, I did not sell VWALX. I have watched the Paul McCulley interview a few times and I am still having a problem understanding his thinking. I think that is because I am not able to fully grasp "cyclical" and "secular".
I am trying to use his thoughts for an actionable plan for VWALX. Is he saying that rates are or are not reflected in the current value of bond funds? While he does not address munis, if I could understand his thinking, I gather it is for all type of bonds. Is it too late to sell VWALX?