It is estimated that 80% of illnesses in developing countries are linked to a lack of clean water. At some point, munis will start to get cheaper and that will attract investors.Īnother way to play it from Larosiliere: One of my outside interests are technologies designed to bring clean water to developing countries. When they’re fearful, they want to hoard cash and they’re afraid they’ll be catching a falling knife. It’s the retail-investor sentiment creating a negative feedback loop. The opportunity presented year-to-date has created opportunities and made it more interesting to invest. Back then it was hard to find things you could really get excited about. Right now the asset class is primed for investment because it’s not a crowded market like it was last year, when there were record inflows. We haven’t seen that in a very long time. As we start to draw up plans, tax-exempt income will become more important.įor those in the highest tax bracket, getting 4% on a short-duration high-yield municipal bond is equivalent to almost 7% on a taxable bond. People expected more of the norm, but it was a bit worse than most people thought. I’ve been talking to a lot of advisers, and there was a bit of sticker shock this tax season. It takes a lot of time to eat through $1.6 trillion.Īt the end of the day, though, munis are about the tax-exempt income. That’s a prime example of why we continue to see more upgrades than downgrades in the muni market. But when it comes to municipal issuers, there’s still a lot of money for them to tap. There’s a lot of speculation about whether there’s a slowdown coming for the economy. The macro issues are throwing a bit of a monkey wrench into that. That’s why we're calling for a continuation of the golden decade of municipal credit. That’s honestly probably a little bit more than was needed. It adds up to $1.6 trillion through 2024.
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The great thing about municipal bonds, particularly going into this year, is the fundamentals and how much funding has come from the federal government in terms of Covid relief and other stimulus.
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The experts also shared where they would deploy $1 million if they could put it toward a personal passion, with ideas ranging from clean-water technologies to Portuguese real estate and horse farms.
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Choices vary from municipal bonds to the blockchain to uranium miners.
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It’s enough to make you long for the safety of cash - if inflation wasn’t sure to eat away at cash’s purchasing power over time.īloomberg spoke with six professional investors to get their best ideas on where investors with $1 million might want to deploy their money now. That’s all against the global backdrop of the war in Ukraine and the continuing threat from Covid. Stock and bond markets are in turmoil, with the S&P 500 down more than 20% from its peak and US Treasury prices plunging. Investors trying to cut through the market noise face immense challenges. Rapidly rising inflation is stoking fears that interest-rate hikes from central banks could usher in a global recession. Get our new personal finance newsletter delivered weekly to your inbox.