Return-Path: <67767-118607-280658-15148-bruce=untroubled.org@mail.nervesaviors.buzz>
DKIM-Signature: v=1; a=rsa-sha1; c=relaxed/relaxed; s=k1; d=nervesaviors.buzz;
 h=Mime-Version:Content-Type:Date:From:Reply-To:Subject:To:Message-ID; i=DogTrainers@nervesaviors.buzz;
 bh=OW0zVe5OU059jncUp7K3bZCEMp0=;
 b=Awr9uLoYqf/ZJ1tktwrJBr3L8bGYcTK0D+AMWdcd0EQ2rwYedsfKK1H+CKEAgy1gXv9Db0wOXs5n
   xBTFSjQUjFZZN+fd0oEUVTB61ZarI+5YABnPQMALs+e2n5xfrE8bDZH4kBT2HH1a7+EOUoZ1qJYJ
   krVAsF5FtbdBQ89qOB0=
DomainKey-Signature: a=rsa-sha1; c=nofws; q=dns; s=k1; d=nervesaviors.buzz;
 b=0q6/EzHbJR1waUOa/QN1qezVq6QdP6Mjyn/Cp0THLpdGjRCbij6Ihs5oMaGcSNK60+jVbFyhZTJ1
   pyUGtwpKJsjhVrnXAgLoIyep4C3DyIY4n5r+E+uhG/j5muwW4Um5Dvor6gOhBKdOnLglFLE6NG+Z
   rN8xfPz89CqK1RwcwqY=;
Mime-Version: 1.0
Content-Type: multipart/alternative; boundary="d062e4f2a214a3b91bd5ef16dd10484c_1cf4f_44852"
Date: Mon, 14 Aug 2023 16:14:37 +0200
From: "Dog Trainers" <DogTrainers@nervesaviors.buzz>
Reply-To: "Dog Trainers" <DogsBehavior@nervesaviors.buzz>
Subject: The secret to making your dog’s problem behaviors disappear
To: <bruce@untroubled.org>
Message-ID: <fi6yy14mm4c629t1-yquu3mk51ju00s4b-1cf4f-44852@nervesaviors.buzz>
Content-Length: 9458

--d062e4f2a214a3b91bd5ef16dd10484c_1cf4f_44852
Content-Type: text/plain;
Content-Transfer-Encoding: 8bit

The secret to making your dog’s problem behaviors disappear

http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w

http://nervesaviors.buzz/FJDgqkFWe0GFFT3fTzVF8LnNXr-yL4zhZuKm4yz1TbljIV_hdA

Also called municipal bond relative value arbitrage, municipal arbitrage, or just muni arb, this hedge fund strategy involves one of two approaches. The term "arbitrage" is also used in the context of the Income Tax Regulations governing the investment of proceeds of municipal bonds; these regulations, aimed at the issuers or beneficiaries of tax-exempt municipal bonds, are different and, instead, attempt to remove the issuer's ability to arbitrage between the low tax-exempt rate and a taxable investment rate.

Generally, managers seek relative value opportunities by being both long and short municipal bonds with a duration-neutral book. The relative value trades may be between different issuers, different bonds issued by the same entity, or capital structure trades referencing the same asset (in the case of revenue bonds). Managers aim to capture the inefficiencies arising from the heavy participation of non-economic investors (i.e., high income "buy and hold" investors seeking tax-exempt income) as well as the "crossover buying" arising from corporations' or individuals' changing income tax situations (i.e., insurers switching their munis for corporates after a large loss as they can capture a higher after-tax yield by offsetting the taxable corporate income with underwriting losses). There are additional inefficiencies arising from the highly fragmented nature of the municipal bond market which has two million outstanding issues and 50,000 issuers, in contrast to the Treasury market which has 400 issues and a single issuer.

Second, managers construct leveraged portfolios of AAA- or AA-rated tax-exempt municipal bonds with the duration risk hedged by shorting the appropriate ratio of taxable corporate bonds. These corporate equivalents are typically interest rate swaps referencing Libor or SIFMA. The arbitrage manifests itself in the form of a relatively cheap longer maturity municipal bond, which is a municipal bond that yields significantly more than 65% of a corresponding taxable corporate bond. The steeper slope of the municipal yield curve allows participants to collect more after-tax income from the municipal bond portfolio than is spent on the interest rate swap; the carry is greater than the hedge expense. Positive, tax-free carry from muni arb can reach into the double digits. The bet in this municipal bond arbitrage is that, over a longer period of time, two similar instruments—municipal bonds and interest rate swaps—will correlate with each other; they are both very high quality credits, have the same maturity and are denominated in the same currenc

--d062e4f2a214a3b91bd5ef16dd10484c_1cf4f_44852
Content-Type: text/html;
Content-Transfer-Encoding: 8bit

<html>
<head>
	<title>Newsletter</title>
	<meta name="viewport" content="width=device-width, initial-scale=1.0">
</head>
<body><a href="http://nervesaviors.buzz/3MVPuCoQYVIGRmfoSQ8XQfIfghq9iVDKigr4AfLBMDyuoG-ATA"><img src="http://nervesaviors.buzz/d1a67d6fe3c77b63cf.jpg" /><img height="1" src="http://www.nervesaviors.buzz/Yp0C-8Z0xsN2OGr-86-284lcGvbDlIWQ470ZjHskf2lU70UXwQ" width="1" /></a>
<div style="font-size:20px;font-family:cambria; width:600px; text-align:left; border:2px solid #7d0000; padding:5px; padding-left:9px;">Hi dog lover,<br />
<br />
No matter what your dog&rsquo;s problem behavior is&hellip;<br />
<br />
Be it jumping, peeing inappropriately, aggression, pulling on the leash&hellip;or whatever&hellip;<br />
<br />
There is ONE SOLUTION that can help <a href="http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w" http:="" microsoft.com="" rel="sponsored" style="font-weight:900px; color:#9b0000;" target="blank">STOP this problem now</a><br />
<br />
The sad fact is&hellip;<br />
<br />
Most Dog trainers miss this solution entirely.<br />
<br />
They give you cookie cutting training programs.<br />
<br />
They use outdated and &lsquo;mean&rsquo; dominance techniques.<br />
<br />
Or worse yet&hellip;<br />
<br />
They have no qualifications and are complete phonies.<br />
<br />
So what&rsquo;s the answer to stopping your Dog&rsquo;s behavior problems?<br />
<br />
In 4 simple words&hellip;<br />
<br />
Discovering your dog&rsquo;s hidden intelligence.<br />
<br />
<b>Let me explain&hellip;</b><br />
<br />
In my 10 years as a certified trainer&hellip;there&rsquo;s ONE BIG LESSON I have learned.<br />
<br />
More intelligent dogs are better behaved.<br />
<br />
A More intelligent dog takes commands easier<br />
<br />
&hellip;and understands what you need from them.<br />
<br />
The good news is&hellip;<br />
<br />
No matter how clever you think your dog is.<br />
<br />
You can <a href="http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w" http:="" microsoft.com="" rel="sponsored" style="font-weight:900px; color:#9b0000;" target="blank"> &gt;&gt;&gt;unlock their hidden intelligence quickly and easily.</a><br />
<br />
<a href="http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w" http:="" microsoft.com="" rel="sponsored" style="font-weight:900px; color:#9b0000;" target="blank">&gt;&gt;&gt;I&rsquo;ll explain everything on this page.</a><br />
<br />
Don&rsquo;t waste a second longer coping with problem behaviors you don&rsquo;t need to be dealing with.<br />
<br />
<b>PS:</b> <a href="http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w" http:="" microsoft.com="" rel="sponsored" style="font-weight:900px; color:#9b0000;" target="blank"> Check out the brain training for Dogs course now.</a> It&rsquo;s great for eliminating any bad behaviors by tapping into your dog&rsquo;s hidden intelligence.<br />
<br />
<b>PPS-</b> <a href="http://nervesaviors.buzz/J7LmRHAFBbI2QFjrSBgModQXrzzLRBz2ZCHECC_Eawl-MVVH-w" http:="" microsoft.com="" rel="sponsored" style="font-weight:900px; color:#9b0000;" target="blank"> check out the cool dog pictures on this page.</a></div>
<br />
<br />
<br />
<br />
<br />
<br />
&nbsp;
<div style="color:#FFFFFF;font-size:5px;">Also called municipal bond relative value arbitrage, municipal arbitrage, or just muni arb, this hedge fund strategy involves one of two approaches. The term &quot;arbitrage&quot; is also used in the context of the Income Tax Regulations governing the investment of proceeds of municipal bonds; these regulations, aimed at the issuers or beneficiaries of tax-exempt municipal bonds, are different and, instead, attempt to remove the issuer&#39;s ability to arbitrage between the low tax-exempt rate and a taxable investment rate. Generally, managers seek relative value opportunities by being both long and short municipal bonds with a duration-neutral book. The relative value trades may be between different issuers, different bonds issued by the same entity, or capital structure trades referencing the same asset (in the case of revenue bonds). Managers aim to capture the inefficiencies arising from the heavy participation of non-economic investors (i.e., high income &quot;buy and hold&quot; investors seeking tax-exempt income) as well as the &quot;crossover buying&quot; arising from corporations&#39; or individuals&#39; changing income tax situations (i.e., insurers switching their munis for corporates after a large loss as they can capture a higher after-tax yield by offsetting the taxable corporate income with underwriting losses). There are additional inefficiencies arising from the highly fragmented nature of the municipal bond market which has two million outstanding issues and 50,000 issuers, in contrast to the Treasury market which has 400 issues and a single issuer. Second, managers construct leveraged portfolios of AAA- or AA-rated tax-exempt municipal bonds with the duration risk hedged by shorting the appropriate ratio of taxable corporate bonds. These corporate equivalents are typically interest rate swaps referencing Libor or SIFMA. The arbitrage manifests itself in the form of a relatively cheap longer maturity municipal bond, which is a municipal bond that yields significantly more than 65% of a corresponding taxable corporate bond. The steeper slope of the municipal yield curve allows participants to collect more after-tax income from the municipal bond portfolio than is spent on the interest rate swap; the carry is greater than the hedge expense. Positive, tax-free carry from muni arb can reach into the double digits. The bet in this municipal bond arbitrage is that, over a longer period of time, two similar instruments&mdash;municipal bonds and interest rate swaps&mdash;will correlate with each other; they are both very high quality credits, have the same maturity and are denominated in the same currenc</div>
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<a href="http://nervesaviors.buzz/Vj4y7ivWgxTAcbTuo3Mu96Nu3Drf2yDetamUt7EwQOHoVTiT4A" http:="" microsoft.com="" rel="sponsored" target="blank"><img http:="" microsoft.com="" src="http://nervesaviors.buzz/6f8776984effdda6c7.png" /></a><br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
&nbsp;</body>
</html>

--d062e4f2a214a3b91bd5ef16dd10484c_1cf4f_44852--
