More Signs of Dumb Money: This Time in Municipal Bonds?

Lawrence Weinman submits:

Sure looks like retail muni bond investors have gotten whipsawed big time in their muni bond investments. This is particularly expensive in the volatile and illiquid muni bond market where selling into a panic is particularly costly. In fact, if investors were selling out individual bonds or positions in open end mutual funds they might not have seen the full cost of their panicked selling as they didn't see the spreads they faced for their individual bonds or the prices used to calculate the net asset value at which their mutual fund sale was executed.

The WSJ reports:

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