Search found 4713 matches

by Noobvestor
Mon Apr 02, 2018 8:57 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

People can dress it up however they want (international is risky, etc...) but it comes down in most cases to U.S. exceptionalism, either implicitly or explicitly. Yet to believe there aren't geographical, economic and political risks in the United States is, IMHO, hubris.'' I drank the international...
by Noobvestor
Mon Apr 02, 2018 12:55 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

Can you only invest in emerging markets through Vanguard? I didn't know that. :P FWIW, we don't own any Vanguard foreign or world funds of any kind. (Mainly I want to avoid EM.) :D But if I did there are A number of Venezuelan companies are listed on the New York Stock Exchange in the form of ADRs....
by Noobvestor
Mon Apr 02, 2018 11:46 am
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

Is there a premium in investing in unstable, corrupt markets? ... absolutely. Not all forms of the Efficient Market Hypothesis claim that risk is perfectly priced into current prices. When you invest in a country like Venezuela, no capital under its authority is safe. Today's high growth firm is to...
by Noobvestor
Sun Apr 01, 2018 10:20 pm
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 12409

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

With the future trajectory of quantum computing, Bitcoin is going to zero in the long run. It could go to zero, but I think the critical factor in the foreseeable future is energy costs rather than advancements in computing. Seems very harmful to use massive amounts of energy to perform energy-inte...
by Noobvestor
Sun Apr 01, 2018 9:45 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

Stable governence without systematic corruption should be taken into account. An international large cap fund probably avoids the worst offenders. The market cannot price in when an autocrat will decide your business should be taken from you. You think the market doesn't price in political risks? S...
by Noobvestor
Sun Apr 01, 2018 9:42 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

"So if you bet entirely on one of the two largest stock markets in 2000 (note that this graph starts after Japan's big crash and gets much, much, much worse if you go back another 5 or 10 years), and you picked wrong, you'd have had dismal returns versus great returns." There are many historical, g...
by Noobvestor
Sun Apr 01, 2018 3:19 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

I'm not sure what you are trying to point out here, but here's another way to look at the same data: 24 month rolling return for same timeframe. Growth charts are not the best way to look at correlations over different time periods. Note: I had to amend my percentages in the original post you quote...
by Noobvestor
Sun Apr 01, 2018 2:30 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

It's not about correlations but dispersion of potential returns. This is a good point, IMO. I suspect (but don't have data) that the Japanese stock market has gone up and down more or less with the rest of the global stock market (i.e. had a high correlation) despite its decades of dismal under-per...
by Noobvestor
Sun Apr 01, 2018 2:06 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

I didn't read every post but from what I saw nothing I read suggested American exceptionalism etc. People talked about whether there was sufficient correlation to justify a global weighting or if many firms had a large percent of income from abroad was international investing or global weighting is...
by Noobvestor
Sat Mar 31, 2018 11:37 pm
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 12409

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

I see what you mean... I should have probably elaborated a bit more. So yes while I am interested in crypto or rather curious about it I am studying alot of the fundamentals foundations I have made my first point asking for advice and direction... I was just curious as a newbie I'm hearing this bit...
by Noobvestor
Fri Mar 30, 2018 10:32 pm
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 12409

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

Im not trying to get rich quick at all... although I wouldn't mind, haha. I understand your concerns as thats what the majority of people are looking for in crypto.. I just wanted an easy way to understand it. yes there is alot of information online however the same as with any other topic of discu...
by Noobvestor
Fri Mar 30, 2018 10:05 pm
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 12409

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

It's a lot like asking if Beanie Babies or baseball cards or gold will do well in the future - no one knows. If you don't have a strong understanding of something, don't invest in it. This goes double for small, volatile and relatively new asset classes, like cryptocurrencies. And it goes triple fo...
by Noobvestor
Fri Mar 30, 2018 9:04 pm
Forum: Investing - Theory, News & General
Topic: The "American companies I invest in already have international exposure" argument --- valid or not?
Replies: 139
Views: 12104

Re: The "American companies I invest in already have international exposure" argument --- valid or not?

One rough observation: over the period when Total Stock and Total International have both existed, their monthly correlation has been 0.85%. I think it's reasonable to interpret this as meaning that about 85% of your Total International allocation is not actually doing anything different from your ...
by Noobvestor
Fri Mar 30, 2018 8:49 pm
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 12409

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

It's a lot like asking if Beanie Babies or baseball cards or gold will do well in the future - no one knows. If you don't have a strong understanding of something, don't invest in it. This goes double for small, volatile and relatively new asset classes, like cryptocurrencies. And it goes triple for...
by Noobvestor
Fri Mar 30, 2018 3:44 pm
Forum: Personal Consumer Issues
Topic: Online meals, anyone do these?
Replies: 28
Views: 3579

Re: Online meals, anyone do these?

Plated is nice - they provide good, fresh ingredients, and it becomes a kind of 'cooking lesson' too - they give instructions, but then you learn how to do new things. Plus they use seasonal vegetables and such, which can introduce you to new things you haven't tried before. And of course, if you wa...
by Noobvestor
Fri Mar 30, 2018 3:42 pm
Forum: Investing - Help with Personal Investments
Topic: With new tax brackets when do munis make sense?
Replies: 5
Views: 762

Re: With new tax brackets when do munis make sense?

I hear you, but the NY LT fund is difficult to adequately compare to other funds, as it's more of an intermediate term fund (duration is 6.7 yrs) but categorized as LT. Actually, it's very close in duration (6.9 versus 6.7) to the Vanguard Long-Term Tax Exempt fund, so they're pretty directly compa...
by Noobvestor
Fri Mar 30, 2018 3:41 pm
Forum: Investing - Help with Personal Investments
Topic: With new tax brackets when do munis make sense?
Replies: 5
Views: 762

Re: With new tax brackets when do munis make sense?

First, run a tax-equivalent yield calculation for your state. Consider, say, these three options: (1) Intermediate-Term Treasuries (state tax exempt) (2) Intermediate-Term Tax Exempt (federal tax exempt) (4) Long-Term Tax Exempt (for a better duration comparison for the NY fund) (3) New York Long-Te...
by Noobvestor
Wed Mar 28, 2018 6:58 pm
Forum: Investing - Help with Personal Investments
Topic: Tax-exempt muni bond mix vs. CA intermediate-term tax-exempt muni-bond fund
Replies: 20
Views: 2357

Re: Tax-exempt muni bond mix vs. CA intermediate-term tax-exempt muni-bond fund

I recently switched from intermediate-term tax-exempt to Treasuries in my taxable account. You can see the thread full thread below, but basically: if you compare after-tax yields you don't get much for taking on muni or state-specific risk these days, especially in CA (high taxes) - caveats: I'm in...
by Noobvestor
Tue Mar 27, 2018 11:24 pm
Forum: Local Chapters and Bogleheads Community
Topic: San Francisco Mid Peninsula, California Chapter Interest?
Replies: 12
Views: 2202

Re: San Francisco Mid Peninsula, California Chapter Interest?

East Bay here - if it's walking distance of BART, then maybe.
by Noobvestor
Tue Mar 27, 2018 2:37 am
Forum: Investing - Help with Personal Investments
Topic: Is anyone buying CDs now instead of I bonds?
Replies: 22
Views: 3835

Re: Is anyone buying CDs now instead of I bonds?

Yeah, per the previous post: be sure to do tax-equivalent calculations. Also consider your own future - will you have a few years after working but before RMDs kick in, during which time you could cash in the I Bonds and pay less (or no) tax? Something to consider. Also, why did you buy I Bonds? I b...
by Noobvestor
Tue Mar 27, 2018 2:33 am
Forum: Investing - Theory, News & General
Topic: Argument Supporting Strong Future Equity Returns (?)
Replies: 29
Views: 2625

Re: Argument Supporting Strong Future Equity Returns (?)

I would expect other countries to move UP to our historical numbers, not us down to their historical numbers. But I could be wrong of course. The essay linked in this thread would suggest otherwise. The Paradox of Wealth Summary A recent FAJ article by Laurence Siegel painted a sunny picture of the...
by Noobvestor
Mon Mar 26, 2018 12:19 am
Forum: Investing - Theory, News & General
Topic: What if you DCA'd down and reinvested dividends at Japan's all-time high?
Replies: 14
Views: 1878

Re: What if you DCA'd down and reinvested dividends at Japan's all-time high?

I did a quick run on Portfolio Visualizer. They don't have 'Japan' but they do have 'Pacific', so this will probably underestimate the difference, Variables: Start year 1986 (EDITED). $10,000 added each year. US final balance: $2,888,182, minus inputs = $2,400,000 in returns Pacific final balance: $...
by Noobvestor
Fri Mar 23, 2018 1:00 am
Forum: Investing - Help with Personal Investments
Topic: Treasury Bills vs. I-bonds vs. Intermediate-term tax-exempt muni bonds
Replies: 24
Views: 4050

Re: Treasury Bills vs. I-bonds vs. Intermediate-term tax-exempt muni bonds

I like I-bonds. I use it for emergency money - better interest rate than the bank will ever give you. The only complaint is why do they limit it to $10K a year, and why is the inflation interest being taxe? but can't complaint about the deferred compound interest - wish it has a 50 years and not 30...
by Noobvestor
Thu Mar 15, 2018 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Selling business (website) considerations
Replies: 27
Views: 2637

Re: Selling business (website) considerations

Cap gains: in most cases in my experience (not a lawyer, ask a lawyer, standard caveats, etc.), the majority of a web business sale is going to be categorized as 'goodwill'. That is an intangible asset and will be taxed at cap gains rates at the federal level (state level may vary). Non-compete: aga...
by Noobvestor
Wed Mar 14, 2018 1:15 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

"Past results are no guarantee for future returns" It depends. Sometimes our investment decisions are based on the past. The number one reason given for using "passive" instead of "active" is that only a few [actively managed funds] have managed to beat their index counterpart. So, based on past pe...
by Noobvestor
Fri Mar 09, 2018 9:10 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

I understand it adds diversification--but as far as I can see, it primarily adds volatility to a portfolio. Plus, when I run Portfolio Visualizer comparing US vs Ex-US, the ONLY years Intl wins are 1986-1988. Yes, I know it did well last year. I didnt hold any intl until I got a newsletter from Van...
by Noobvestor
Thu Mar 08, 2018 9:45 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

InvestInLife wrote:
Thu Mar 08, 2018 7:39 pm
I understand it adds diversification--but as far as I can see, it primarily adds volatility to a portfolio.
I just noticed this part re-reading your post. According to this Vanguard study, adding between 1% and 60% international decreases volatility:

https://www.vanguard.com/pdf/ISGGEB.pdf
by Noobvestor
Thu Mar 08, 2018 9:41 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

... and the story of it reducing risk or providing a "diversification benefit" really hasn't proven justified - it's period dependent - pick a period where it has worked and I'll show you another where it hasn't. Diversification is precisely helpful because some things do better than others over va...
by Noobvestor
Thu Mar 08, 2018 8:00 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

Plus, when I run Portfolio Visualizer comparing US vs Ex-US, the ONLY years Intl wins are 1986-1988. https://www.bogleheads.org/wiki/Callan_periodic_table_of_investment_returns I think you're running the numbers wrong. Also, international beat US from 2000-2010 (overall, not every year). Long time ...
by Noobvestor
Thu Mar 08, 2018 7:55 pm
Forum: Investing - Theory, News & General
Topic: Why International again?
Replies: 224
Views: 24998

Re: Why International again?

Geographical, economic, political and currency diversification. Also: hindsight is 20/20 - some countries do better than others, and it depends on period. If you think the US is exceptional and the market can't price country-specific risks/returns, then your crystal ball is clearer than mine.
by Noobvestor
Sun Mar 04, 2018 11:33 pm
Forum: Investing - Theory, News & General
Topic: Is Cash Trash? The Purpose of Cash
Replies: 178
Views: 19704

Re: Is Cash Trash? The Purpose of Cash

People often ask what purpose cash has in a portfolio. Cash serves two purposes; it’s either waiting to be invested or it’s waiting to be spent. Rick Ferri I read this as you saying 'cash is not an investment' - correct? For the record, cash and cash equivalents are composed of investments that mat...
by Noobvestor
Sat Mar 03, 2018 3:10 pm
Forum: Investing - Help with Personal Investments
Topic: IPS – looking for details from Nisiprius, Livesoft and others
Replies: 39
Views: 4874

Re: IPS – looking for details from Nisiprius, Livesoft and others

I confess to having engaged in Simplicity Heresy in that my IPS is probably (IIRC) about 8 pages long. I was greatly influenced by a confluence of writers outside the fields of economics, investing, and personal finance regarding the dangers of confusing outcome with process in decision-making. I w...
by Noobvestor
Sat Mar 03, 2018 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Flagship Select Services
Replies: 17
Views: 3245

Re: Vanguard Flagship Select Services

Thanks everyone. Just hate dealing with the hard sell. They will often ask if you want PAS or a portfolio review. If you say no, the will not push it all. I have had 3 different Flagship Reps over the past 10 years and they have all been very helpful and never sales-y. Same for me. Polite, very fri...
by Noobvestor
Fri Mar 02, 2018 5:43 pm
Forum: Investing - Theory, News & General
Topic: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade
Replies: 79
Views: 10868

Re: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade

Investing $37.6 billion with a time frame of infinity is different than what individual investors do. With $37.6 billion, you don’t have to buy an index fund, you can run your own index fund. For reference, Schwab’s total market etf SCHB has about $11.6 billion in AUM. That's a very selective pick....
by Noobvestor
Fri Mar 02, 2018 4:48 pm
Forum: Investing - Theory, News & General
Topic: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade
Replies: 79
Views: 10868

Re: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade

Investing $37.6 billion with a time frame of infinity is different than what individual investors do. With $37.6 billion, you don’t have to buy an index fund, you can run your own index fund. For reference, Schwab’s total market etf SCHB has about $11.6 billion in AUM. That's a very selective pick....
by Noobvestor
Fri Mar 02, 2018 4:37 pm
Forum: Investing - Theory, News & General
Topic: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade
Replies: 79
Views: 10868

Re: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade

I'm sincerely not trying to be difficult here, and am sure you know a lot more about this than I do, but I'm still trying to understand. In general, endowments have certain funding requirements they need to meet both short- and long-term. That demands a return that takes into account risk b/c one ca...
by Noobvestor
Fri Mar 02, 2018 2:46 pm
Forum: Investing - Theory, News & General
Topic: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade
Replies: 79
Views: 10868

Re: Harvard blows $1Billion picking stocks, averaged 4.4% returns over last decade

Why doesn't Havard chose 3 fund folio? Do they think they are smarter than market? Endowments, like pensions have the problem of diversifying risk, while maximizing returns. It's very difficult to take billions of dollars and invest it in index funds without overweighting to stocks, regions, indust...
by Noobvestor
Thu Mar 01, 2018 12:00 am
Forum: Investing - Theory, News & General
Topic: Your Paradigm for Long-term Inflation Risk?
Replies: 29
Views: 2086

Re: Your Paradigm for Long-term Inflation Risk?

Ugh, I should learn to bookmark things better. A while ago (on here, I think) someone posted a good chart showing how different asset classes performed at different inflation rates. Now I can't find it! If anyone knows what I'm talking about, I'd love a link to it. Anyway, I am still accumulating, b...
by Noobvestor
Tue Feb 27, 2018 11:26 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Correction Protection In Liquid Alts
Replies: 33
Views: 2730

Re: Larry Swedroe: Correction Protection In Liquid Alts

Returns: Jan 29 to Feb 9 2018 P1 = -6.8% P2 = -6.8% Returns: 2017 P1 = 18.7% P2 = 18.7% Robert . Down to a tenth of a percent, no less 8-) Come again? All Robert T's post shows is the returns of "Alternatives **" matching the returns of iShares' 3-7 yr Treasuries. Do you call that "equity like" ret...
by Noobvestor
Tue Feb 27, 2018 11:07 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Correction Protection In Liquid Alts
Replies: 33
Views: 2730

Re: Larry Swedroe: Correction Protection In Liquid Alts

Robert T wrote:
Tue Feb 27, 2018 9:34 am
Returns: Jan 29 to Feb 9 2018
  • P1 = -6.8%
    P2 = -6.8%
Returns: 2017
  • P1 = 18.7%
    P2 = 18.7%
Robert
.
Down to a tenth of a percent, no less 8-)
by Noobvestor
Tue Feb 27, 2018 10:43 pm
Forum: Local Chapters and Bogleheads Community
Topic: Nisiprius at 35,000 posts
Replies: 60
Views: 6028

Re: Nisiprius at 35,000 posts

. . . a "Best of Nisi" thread--a retrospective of his best work. Two words: Hindenburg Omen. :D Ohhh - the Hindenburg Omen thread is hilarious! Nisi at his quintessential "analytical" best :P A day-by-day Nisi evaluation of the pending 2010 market apocalypse. Confirmed Hindenburg Omen on 8/20 - any...
by Noobvestor
Tue Feb 27, 2018 10:32 pm
Forum: Investing - Help with Personal Investments
Topic: Should I Stay or Should I Go?
Replies: 30
Views: 3512

Re: Should I Stay or Should I Go?

To paraphrase a famous song: "If you go, there will be trouble .. and if you stay it will be double." Get out. Now.
by Noobvestor
Sat Feb 24, 2018 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: # X Gross = Home price?
Replies: 81
Views: 6483

Re: # X Gross = Home price?

Is there something in CA... For many people it's family or a job that isn't portable. You could argue that it you need to pay 5x your income for a "starter house" , you're getting paid very little, and your job isn't worth keeping. That, or maybe you're just a normal person living in the Bay Area ....
by Noobvestor
Sat Feb 24, 2018 2:01 am
Forum: Investing - Theory, News & General
Topic: how did you determine your risk tolerance?
Replies: 138
Views: 8794

Re: how did you determine your risk tolerance?

I realized that volatility isn't risk for me and that inflation is a major risk for me. Since I'm very risk adverse, I am 100% equities. I strongly suspect that if inflation is your biggest fear, mixing some TIPS in with your equities would help. In high-inflation environments, equities tend to do ...
by Noobvestor
Fri Feb 23, 2018 4:11 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: What Investors Should Worry About
Replies: 118
Views: 11362

Re: Larry Swedroe: What Investors Should Worry About

A few open questions for anyone who wants to venture an answer: 1) What would someone do who agreed with Larry's prognosis but didn't want to venture outside of, say, Vanguard funds? 2) I know their histories are limited, but has he or anyone back-tested these funds alone or in combination, in theor...
by Noobvestor
Thu Feb 22, 2018 12:30 pm
Forum: Investing - Theory, News & General
Topic: Is 0.46% more after-tax yield enough to justify muni risk?
Replies: 9
Views: 1200

Re: Is 0.46% more after-tax yield enough to justify muni risk?

VBTLX isn't tax efficient and, as others have pointed out, it also carries a mix of risks that are hard to compare directly. I would compare to VSIAX, intermediate-term Treasuries. Indeed, I had the same question recently, and given the state savings of Treasuries versus the federal savings of tax-e...
by Noobvestor
Thu Feb 22, 2018 12:28 am
Forum: Investing - Theory, News & General
Topic: Why investors shouldn’t panic over falling bond prices
Replies: 36
Views: 6930

Re: Why investors shouldn’t panic over falling bond prices

Should I be comparing the APR of a CD to the equivalent average annual returns on the bonds (in this case 2.02% for 1yr)? Use SEC yield for funds. The other numbers are backward looking, like it would be to say "last year I made 2.5% in a 1 year CD at X Bank" -- well, that was then and I need to lo...
by Noobvestor
Thu Feb 22, 2018 12:10 am
Forum: Investing - Help with Personal Investments
Topic: For munis: state specific or non-state specific funds best?
Replies: 14
Views: 1696

Re: For munis: state specific or non-state specific funds best?

Whenever I've run the numbers on state-specific versus federal muni funds (adjusting for taxes), they have come out around even (and that's being in CA, a high-state-tax state). When comparing muni funds, it's better to compare the taxes assuming the same yield; any yield difference is compensation...