No. of Recommendations: 2
Bruce,

When FIL died several years ago he held various bonds (corporate and tax-exempt - to a much smaller extent) that way past his demise [by as much as 30 years] at just a shade under 90. It was a mind-set for that generation, combined with a locking-in of yields. When FIL bought bonds the yields were different, as well as market conditions.

Today, I expect there are many "big boys", such as pension funds, that are heavily involved in bond trading that buy these bonds. As you say, its not for us small fry.

We currently have a fair amount of "cash" invested in "weeklies" - muni's that automatically turn over every week. (Through Fideltiy, for those who are interested.) We are getting over 5% yield, since they are tax-exempt, and can't find an equivalent in longer-term treasuries.
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