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Only person happy for churning is your broker


Your “Just How Smart is the ‘Intelligent Investor’?” article should be required reading for anyone who buys individual municipal bonds. Family members for whom I help manage some their assets, including significant holdings in municipal bonds, think of bonds as trading mechanisms, not holding securities.

J.B., Illinois


James A. Klotz responds:

We have never seen an individual investor who was successful at churning his/her own account. We are amazed however, by how many think they are. At least they are keeping their brokers happy.

Nov 12, 2015

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