DEMAND FOR LIQUIDITY PRESENTS SOME OPPORTUNITIES

Why the 'tourist is buying small caps, his old friend Sprott Uranium Participation Fund, and homebuilders.

“I’m seeing a lot of pre-funded munis for sale at big discounts. There’s usually no point in selling them, unless you really need the liquidity.”

This was some colour that one of my pals passed along from a bond market participant today.

You might not be familiar with pre-funded munis, so I grabbed this definition: