scheweser sucks for level 3, I dont know. I have this problem too. and it seems many many many places I dont understand. But I do use scheweser for level 1 and 2.
I am confused too. and many more than you.....
In my opinion, the yield on tax-exempt bond is usually lower than those typical bonds. Tax-exempt endowment fund can't get the maximum benifit from such investment.
The investment office of my university doesn't take munis into consideration at all.
[此贴子已经被作者于2009-3-10 0:03:32编辑过]
if the return is tax exempt, muni bonds would not be desirable due to their low yield as comared with alternative investment in assets that could potentially offer high returns (e.g. equities). Put it differently, when tax is not an issue for investment decision-making, you should focus on (potential) returns of investments.
(muni bonds offer low yield due in part to their tax exempt status, basically, you are "paying" for the tax exempt treatment of your investment in munis through "sacrificing" some yield on them)
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