How to decide when to invest in municipal bonds versus new tax-efficient bond ETFs that don't invest in munis.

We analyze several newer ETFs that earn bond-like returns while avoiding paying taxable income distributions.

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Investments Mentioned

Vanguard Tax-Exempt Bond ETF (VTEB)

iShares 7-10 Year Treasury Bond ETF (IEF)

JPMorgan Ultra-Short Municipal Income ETF (JMST)

Alpha Architect 1-3 Month Box ETF (BOXX)

F/m Compoundr U.S. Aggregate Bond ETF (CPAG)

F/m Compoundr High Yield ETF (CPHY)

NEOS Enhanced Income Aggregate Bond ETF (BNDI)

NEOS Enhanced Income 1–3 Month T-Bill ETF (CSHI)

Show Notes

US municipal bond defaults and recoveries, 1970-2022 by Moody's Investor Service—Fidelity

Five Reasons Municipals Have Rarely Defaulted by Matthew Norton—Bernstein

470 Plus: Annuities Correction, Europe versus U.S. Value Stocks, Analyzing BOXX, and Accredited Investor Rules—Money for the Rest of Us

Cboe:BOXX | Investment case—alpha architect

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This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October.

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What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money.

Topics covered include:

• How is the money supply measured, and why is it a subjective exercise
• What is an example of a negative money shock
• Why an optimal monetary policy would lead to deflation, and why that is a good thing
• What causes inflation
• How quantitative easing contributed to wealth inequality
• What is demurrage currency
• The unorthodox way Richard Nixon sought to combat high inflation and a strong dollar
• How to increase our wealth in an era of infinite money

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Show Notes

Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve

M2 (M2SL)—FRED

Good Versus Bad Deflation: Lesson from the Gold Standard Era by Michael D. Bordo, John Landon Lane, and Angela Redish—NBER

Speech by Richard Nixon (15 August 1971)—CVCE

US - Total Market Cap Divided by M2 Money Supply—MacroMicro

Did Quantitative Easing Increase Income Inequality? by Juan Antonio Montecino and Gerald Epstein—CEPWeb

Does Quantitative Easing Affect Inequality: Evidence from the US - Nektarios Michail

Demurrage currency—Wikipedia

Debt: The First 5,000 Years by David Graeber

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336: Own What Is Real

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