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Forget bitcoin or Tesla. Muni bonds are the king of costly
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In a bid to clean up election funding, the government had in January introduced electoral bonds that can be bought from specified branches of State Bank of India and used to donate money to political parties. Photo: iStockphoto
4 min read
Brian Chappatta
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Believe it or not, the $3.9 trillion municipal-bond market and Bitcoin have much in common.
A flood of money pouring in? Check: Muni bond funds added about $2 billion in the week ended Feb. 17, according to Refinitiv Lipper US Fund Flows data, building upon a $2.6 billion inflow in the prior period that was the fourth-largest on record. Scarce supply? You bet: Some analysts estimate that states and cities in 2021 will bring to market the smallest amount of tax-exempt bonds in 21 years. Fiscal stimulus supporting its case? Indeed: The prospect of $350 billion in aid to state and local governments should help stave off any widespread credit str
Forget Bitcoin or Tesla. Muni Bonds Are the King of Costly.
Feb 24 2021, 1:13 AM
February 22 2021, 4:00 PM
February 24 2021, 1:13 AM
(Bloomberg Opinion) Believe it or not, the $3.9 trillion municipal-bond market and Bitcoin have much in common.
(Bloomberg Opinion) Believe it or not, the $3.9 trillion municipal-bond market and Bitcoin have much in common.
A flood of money pouring in? Check: Muni bond funds added about $2 billion in the week ended Feb. 17, according to Refinitiv Lipper US Fund Flows data, building upon a $2.6 billion inflow in the prior period that was the fourth-largest on record. Scarce supply? You bet: Some analysts estimate that states and cities in 2021 will bring to market the smallest amount of tax-exempt bonds in 21 years. Fiscal stimulus supporting its case? Indeed: The prospect of $350 billion in aid to state and local governments should help stave off any widespread credit stress.
Dot-com Era Stock Valuations Bring Bubble Fears to ESG Funds
Bloomberg 1/26/2021
(Bloomberg) It’s reality-check time for ESG funds.
Exchange-traded funds investing in companies with responsible environmental, social and corporate governance practices lured a record $85 billion in the U.S. and Europe in 2020, and are still raking it in. Pumped up by the flows, stocks in many of these funds are trading at frothy price-to-earnings multiples that are increasingly hard to justify. Take U.S. fuel-cell maker Plug Power Inc., for instance. The unprofitable company’s more than 2,000% rally since early 2020 outpaces even Tesla Inc’s.
“There is a risk that holdings that populate ESG funds have become overvalued,” said Chris Dyer, director of global equity at Eaton Vance. “Investors both active and passive are increasingly chasing these themes and driving valuation to uncomfortable levels in some cases. This type of naïve investing tends to end badly.”