Joshua Byrini's Market View
Byrini's obeservations should not be considered recommendations, advice or suggestions to buy, sell or hold securities, commodities, commodity contracts, options, futures, warrants, insurance contracts, real estate, gemstones, art work or derivatives, as he is neither a registered securities, commodities or real estate broker, diamond merchant, art dealer, or investment advisor. These observations are for informational purposes only. In other words, you are on your own chief.Tuesday, December 27, 2005
What can you say, when Gross speaks on bonds?
Barrons' reports:
PIMCO'S GROSS REMAINS a huge fan of municipal bonds. "Having been the last bond sector touched by foreign hands, it presents the last value for domestic hands," he says. In the muni market, Gross points out, closed-end funds are being "tossed away" because of tax-loss selling during this time of year. Consequently, there's value in this arena.
Funds in the Van Kampen family look attractive to Gross, as they are selling at a discount to net asset value of 10% to 15%. Van Kampen Advantage Municipal (VKA), for example, trades at a discount of more than 14% to NAV and sports a yield of 6.30%, tax-free. "That's my third-favorite of these types of funds aside from the Pimco and BlackRock closed-end funds, but those are trading at premiums," he says.
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