A guy I know sold his parent's business back in the early 1980s and loaded up on municipal bonds as interest rates were at all time highs and eventually would likely revert to normal. He made a ton of money on the LTCGs as well as the tax-free interest. Why munis? He lived in a state having an income tax (still does). On the other hand last I read Schwab has unrealized losses of $1.94B on long term treasury bonds it bought while interest rates during recent years were maintained at all time lows.
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