February 17, 2015

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We recently purchased municipal bonds and we still have a small profit.  But these things are quickly declining.

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SELL GBAB, AFB and MYI today.  I would rather take our profits and get out now, rather than waiting for possible big losses.

It is unclear as to what is going on— at least to me!!!!.  Munis are interest rate sensitive and it is possible that investors are suddenly concerned about the Fed raising rates in June.  I do know that there are numerous financial advisors out there that are avoiding munis.  There appears to be a growing consensus that the Fed WILL be raising rates.

Additional sectors to avoid are utility funds and long term bond funds.  You should place Sell Limit Orders if you own these.

(Update Thursday:  It now appears the Fed is becoming cautious about raising rates.  I would still get out of munis and place sell stop orders on utilities and long term bond funds.) 

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I suggest you start looking at floating rate funds such as PFLT which we hold in the Core Portfolio.

MEMP is also a buy and we hold in the Core Portfolio.



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