In this column last month the subject of Burton Malkiel's Random (RanDumb) Walk was refuted as having several arcane and obsolete concepts due to several reasons. One of these, along with the January effect, is the action taken by some institutional investors to sell municipal bond funds (called Closed-End Funds, or CEFs) for tax reasons. Apparently states such as Florida which in the past had no state tax, but did tax assets, caused investors to sell their funds and buy money market funds, not an asset.

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