PIMCO and Bill Gross are sticking with their bond view:


http://www.bloomberg.com/news/2013-06-11/pimco-sees-60-chance-of-global-recession-in-five-years.html

I am in the same camp.  While, there is room for some optimism, there will be a protracted process of replacement.  What I mean is that the private sector will have to fill in for all the "grease" that the fed has provided over time.  Our fiscal picture, although improving, will involve reducing government spending and that will be a drag on the economy.

Bottom line is that I don't see global growth accelerating and so bonds will be ok.  Stocks will also be good and a balanced approach will be rewarded.  One could go all equity and probably earn a higher return over the next five years, but that will entail a fair amount of risk.

MHN remains under pressure.  Here are a few of the reasons:

-Rotation away from bonds
-Muni interest tax free status under the knife in the budget talks
-Leverage is such that the fund NAV would be hurt if short term interest rates rise

The last one is perhaps the most subtle, but can have an effect here.  It is my firm belief that short term rates are not going anywhere anytime soon, but if there is a surprise there, then the fund will underperform.

It already forms about 15% of my portfolio so I am done adding for now.  If we get a move back to parity in NAV, then I would probably trim some.

S  I think the game is just about over.  There is a chance DISH will come up with an even higher bid, forcing Softbank to raise even further, but I am not sanguine.  Also, from a post deal value perspective, Softbank is just taking cash it was going to provide S for growth and giving it to shareholders.  This is not good for the future prospects.  S could still be a good hold if you think they can gain a bigger foothold from the big two.  I don't think there is a ton of downside risk either, just not exciting either way.