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No. of Recommendations: 6
Way, way back in '11, I bought 25 Mich Tob bonds (the zeros of '52) at 1.2438. Recently, most of them were called at 10.5328, yielding a decent YTM of 23.8%. Ord Inc taxes will take a quarter of that gain, because I stuck the bonds in an IRA rather than pay taxes on the implied interest each year.

Retrospectively, you might think I wish I had bought more. But the purchase amount was sized to my account at the time and tolerance for risk. I knew it was a lottery ticket and bet accordingly. But it does feel good to have seen an opportunity and to have acted.
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