Talk Your Book: Investing in High Yield Munis

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 16 June 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠ are joined by Steve Hlavin, Portfolio Manager at Nuveen to discuss the muni market structure, the best states for muni bonds, risks around deficits and liquidity, and much more! Find complete show notes on our blogs... Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠https://www.idontshop.com⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Today's Animal Spirits Talk Your Book is brought to you by Nauveen.
0:03.0	Go to Nuveen.com to learn more about the Nguyen Enhanced High Yield Municipal Bond Fund.
0:07.0	That's ticker NMSSX. We'll talk on it on a show today.
0:10.0	That's Nuveen.com to learn more.
0:13.0	Welcome to Animal Spirits, a show about markets, life, and investing.
0:19.0	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:24.3	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.
0:30.6	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:36.3	Clients of Riddholt's wealth management may maintain positions in the securities discussed in this podcast.
0:44.5	Welcome to Animal Spirits with Michael and Ben.
0:47.3	Michael, one of the themes on our talkier book segments that I've come to realize is that there are more corners of the market,
0:55.5	especially in the credit space, than I think most people realize. There's a lot of different
1:01.6	ways to finance projects, businesses, investments than you realize. And this is one of those
1:08.7	spaces. So Nauvin has this high-yield muni bond fund.
1:13.3	And it's an interval fund because these are relatively illiquid securities.
1:18.9	But it makes sense and they're muni bonds that fund these projects. These projects are sort of uncertain.
1:25.5	So that's what makes them they don't. These bonds don't trade very much.
1:29.6	But there's just so many corners of the credit market that, like, I think a lot of people
1:33.0	don't even realize exist.
1:35.0	That's right, Ben.
1:35.9	So this is one of those conversations where a lot of new things for Ben and I, a lot
1:40.3	we didn't know.
	...

Transcript will be available on the free plan in 9 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Compound, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Compound and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.