No. of Recommendations: 0

Yes, with the passage of Prop 30 (or whatever the number was), and with the takeover of the legislature by the Demos, CA might be able to work through their fiscal problems before too many more BKs happen. So there might be some opportunities in CA munis.

But why screw around with munis offering sub-5%? E.g., my Oregon hospital munis will net me a pre-tax 10.8% (due to an early call). And two years ago, after Whitney's much-misundertood call on the asset-class, some real bargains were to be found nation-wide.

Timing. It's all a matter of timing.

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