When less income is better


Barnet Sherman, director and portfolio manager of the TIAA-CREF Tax-Exempt Bond Fund, is a regular contributor to the Intelligent Investing series on forbes.com. In his latest post, Barnet examines whether it makes sense for individual investors to invest in the same municipal bonds as mutual fund portfolio managers. Because an individual investor holding a bond to maturity doesn’t necessarily need to worry about managing inflows and outflows, daily liquidity or interest rate volatility, he or she is free to compare bonds purely on the basis of potential net investment return and avoid paying the premium that mutual fund managers do for more income and price stability.

To learn more about how individuals should evaluate potential investment in municipal bonds, read Barnet’s latest post .