我們今年聖誕節購買的 3 種免稅股息

為拉斯維加斯谷內華達水區提供資金的市政債券本來可以成為一個很好的聖誕禮物。他們的收益率為 5%，並從山姆大叔那裡獲得了稅務大廳通行證。

Ho ho ho, fellow contrarian! Did the jolly old elf leave you any tax-free dividends under the tree this morning?

嗬嗬嗬，逆行者！今天早上那個快樂的老精靈有沒有在樹下留給你免稅股利？

The municipal bonds that are used to fund the Las Vegas Valley Nevada Water District would have made a great stocking stuffer. They yield 5% and get a tax hall pass from Uncle Sam. Which means on a tax equivalent basis they actually pay 6% or 7% or more, depending on your income tax bracket.

用於資助拉斯維加斯谷內華達水區的市政債券本來可以成為很好的聖誕禮物。他們的收益率為 5%，並從山姆大叔那裡獲得了稅務大廳通行證。這意味著在等值稅額的基礎上，他們實際上支付 6% 或 7% 或更多，具體取決於您的所得稅等級。

Vegas is booming. And the town is in the middle of a hot desert that is increasingly arid, so this muni is rock solid.

維加斯正在蓬勃發展。這座城鎮位於炎熱的沙漠之中，而且越來越乾旱，所以這座市政設施堅如磐石。

Five percent, tax free. Why’d you forget this, Santa?

百分之五，免稅。為什麼忘了這個，聖誕老公公？

Well fear not, my fellow “naughty lister.” I have a backdoor way to buy the bonds that Santa forgot to stuff. Actually, even better because we can type in a simple ticker and boost that yield to a tax-free 7.9%.

好吧，別害怕，我的「頑皮的列表者」。我有一個後門方法可以購買聖誕老人忘記塞進去的債券。事實上，甚至更好，因為我們可以輸入一個簡單的股票代碼，並將免稅收益率提高到 7.9%。

Plus, the Federal Reserve’s fresh hawkish stance should support this bond fund’s price. As I write it trades at an 8% discount to the value of its Vegas munis and other safe issues in its portfolio. Which means we are paying 92 cents for a dollar of this fund.

此外，聯準會新的鷹派立場應該會支撐該債券基金的價格。正如我所寫，它的交易價格比其拉斯維加斯市政債券和其投資組合中其他安全債券的價值折價 8%。這意味著我們要為該基金的 1 美元支付 92 美分。

We’ll get to specifics in a minute. But first, let’s talk about the Fed, which cut interest rates for a third consecutive meeting last week. Ten-year rates are now, ironically, 90 basis points higher than when the easing cycle began.

我們稍後會詳細介紹。但首先我們來談談聯準會，上週聯準會連續第三次降息。諷刺的是，十年期利率現在比寬鬆週期開始時高出 90 個基點。

Ten-Year Treasury Yield Chart

十年期公債殖利率圖表

It’s true. The Fed eased and long rates went higher, not lower. When the Fed first cut rates in September, the 10-year Treasury yielded just 3.6%. Three “eases” later, the longer-dated yield ran up to 4.5%.

這是真的。聯準會放鬆了貨幣政策，長期利率上升而不是下降。當聯準會9月首次降息時，10年期公債殖利率僅3.6%。三次「寬鬆」後，較長期收益率升至4.5%。

“Caution! Potential inflation ahead,” the bond market screamed as the Fed lowered its key rate for, it seems, no good reason. The economy is fine. There are plenty of jobs. The market is not hurting for liquidity. Bonds, which trade opposite interest rates, have dropped into the holiday bargain bin as a result of these unnecessary rate cuts.

「警告！潛在的通膨即將到來”，債券市場尖叫起來，美聯儲似乎沒有充分的理由降低了關鍵利率。經濟很好。有很多工作機會。市場的流動性並未受到損害。由於這些不必要的降息，以相反利率交易的債券已落入假日討價還價箱。

Jay Powell finally took the hint and delivered a hawkish statement alongside the cut. That’s a long overdue responsible move from the supposed adult in the room.

傑伊·鮑威爾最終領會了這一暗示，並在降息的同時發表了鷹派聲明。這是房間裡所謂的成年人早就該採取的負責任的舉動。

Powell’s parental guidance may very well set a ceiling on the 10-year yield. It has formidable resistance just overhead. That sure would surprise Wall Street, wouldn’t it? Just as long rates rose when the Fed began to ease, it would only be fitting if the 10-year topped when the Fed paused.

鮑威爾的父母指導很可能為10年期公債殖利率設定上限。它的頭頂上有強大的阻力。這肯定會讓華爾街感到驚訝，不是嗎？正如聯準會開始寬鬆時長期利率上升一樣，只有在聯準會暫停寬鬆時10年期利率見頂才合適。

Bonds are despised right now. They have flopped since September. We, as card carrying contrarians, are buying this dip.

債券現在受到鄙視。自九月以來，他們一直在失敗。作為持牌逆向投資者，我們正在逢低買入。

This is the trickiest part of being a contrarian investor. It took me years (really, decades) to train myself to buy assets when (and only when!) they are hated.

這是作為逆向投資者最棘手的部分。我花了幾年（實際上是幾十年）來訓練自己在資產被討厭時（而且只有在資產被討厭時才購買）。

Let’s watch bonds rally and surprise everyone except us. Bond prices, remember, have two drivers:

讓我們看看債券的反彈，讓除了我們之外的所有人都感到驚訝。請記住，債券價格有兩個驅動因素：

A hawkish Fed—or at least a halfway responsible one—helps with the duration risk because it puts a lid on long rates. Meanwhile credit risk is not a problem now with the economy still going strong.

鷹派的聯準會——或至少是半負責任的聯準會——有助於應對久期風險，因為它限制了長期利率。同時，由於經濟仍然強勁，信用風險現在已不再是問題。

To never worry about credit risk, we can buy US Treasuries. SPDR Portfolio Long-Term Treasury ETF (NYSE:SPTL) is a convenient vehicle that yields 4.8% today. SPTL will also enjoy price appreciation if 10-year rates relax from here.

為了永遠不用擔心信用風險，我們可以購買美國國債。 SPDR 投資組合長期國債 ETF（NYSE：SPTL）是一種便捷的工具，目前的收益率為 4.8%。如果 10 年期利率從現在開始放寬，SPTL 也會享有價格升值。

Municipal “muni” bonds are another safe option. Muni default rates have been in the basement, below 0.1% since 2013. The biggest ETF is iShares National Muni Bond ETF (NYSE:MUB), which holds more than 5,600 individual muni issues.

市政「市政」債券是另一個安全的選擇。自 2013 年以來，市政債券違約率一直處於較低水平，低於 0.1%。

One-click MUB is convenient and diversified, though income investors pay for it by sacrificing yields. MUB pays just 3.1%. Muni dividends are tax free from Uncle Sam, though, giving MUB a boost (making it more than a noob!) The fund’s tax-equivalent yield can be up to 5.3%, depending on the holder’s tax bracket.

一鍵式 MUB 既方便又多元化，儘管收益投資者需要犧牲收益率來為此付出代價。 MUB 只需支付 3.1%。不過，山姆大叔的市政股息是免稅的，這給MUB 帶來了提振（使其不再是菜鳥！）該基金的稅收等值收益率最高可達5.3%，具體取決於持有人的稅級。

3 Tax-Free Dividends We Are Buying

我們購買的 3 種免稅股息

We contrarians prefer closed-end funds (CEFs). They pay more—up to 7.9%, and this is before we consider their tax advantages. For top bracket earners, this can mean a 13.3% yearly payout!

我們逆向投資者更喜歡封閉式基金（CEF）。他們支付的稅率更高，高達 7.9%，而且這是在我們考慮他們的稅收優惠之前的情況。對於收入最高的人來說，這可能意味著 13.3% 的年度支出！

Tax Free Dividends

免稅股息

Fund Discount to NAV Tax-Free Yield

基金資產淨值免稅收益率折扣

Nuveen Municipal High Income Opportunity Fund (NYSE:NMZ) 4% 7.9%

努文市政高收入機會基金（NYSE：NMZ） 4% 7.9%

Nuveen Municipal Value Fund Inc (NYSE:NUV) 5% 7.5%

Nuveen 市政價值基金公司（NYSE：NUV） 5% 7.5% 。

Nuveen Short Duration Premium Income Fund (NYSE:NYS) 1

Nuveen 短期保費收入基金（NYSE：NYS）1