I read your recent article about the significant rise in muni prices (“Muni Market Returns Rise Amid ‘Gluttonous’ Demand”). My muni portfolio has done very well. But even though prices have gone up, reinvesting redemptions at 1.5% yield-to-worst isn’t very attractive. Since you frequently state that the main purpose of municipal bonds is to generate a stream of tax-free income, it doesn’t seem too lucrative. In hindsight, your advice to invest in long duration municipal bonds was a great strategy. What are your thoughts for new investors or someone whose portfolio is having a lot of calls and maturities?