That leads us to recommend high-quality bonds, although I agree with Ed that they have got ahead of themselves.
Anyone worried about taxes would think about owning high-quality municipal bonds.
As a major source of funds KfW issues high-quality bonds and notes.
"And the high-quality bonds, the Government bonds, will probably be the best performers" over the next few months.
Yields on high-quality municipal bonds have been running more than 8 percent.
He said the best buys were high-quality, intermediate-term tax-free bonds.
As an example, people buy stocks at the top, and now they are buying long-term high-quality bonds and fixed annuities.
Between high-quality and junk bonds, he said, "spreads may widen still further."
So while good managers can pick their way through weaker credits, many are choosing instead to buy high-quality muni bonds.
Businesses want to switch to a high-quality corporate bond as the benchmark.