Investing: The California Bond Rush

The Golden State is about to flood the muni market. Here's how to play it

What is it about California? Somehow the land of movie-star Governors has managed to get people excited about municipal bonds--those investment workhorses that pay for new schools and sewers and earn you tax-free income all at the same time. The big show in the muni market this year is the Golden State's $15 billion offering, the largest in the nation's history and the presumptive first step in curing California's severe fiscal woes.

If you're a muni holder, you may have already felt the impact, even though the first wave of new bonds isn't likely to hit the market until this...

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