The Income Rally Roars On

Gripes about market risks now seem feeble. And sometimes the best moves are the ones you don’t make.

No sooner do I warn investors that stock and bond prices are too high and point to spreading ir­rational overexuberance (see Beware the Roaring Twenties) than all my favorite income investment categories go even more wild to the upside. Serves me right for questioning this market. I’m not abandoning all caution. I still believe that AT&T (symbol T) shares are expensive and that closed-end funds with nutty premiums to net asset value will fall toward earth. But sometimes the best moves are the ones you don’t make and the right course is to take what the market is giving you, no questions asked.

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Jeffrey R. Kosnett
Senior Editor, Kiplinger's Personal Finance
Kosnett is the editor of Kiplinger's Investing for Income and writes the "Cash in Hand" column for Kiplinger's Personal Finance. He is an income-investing expert who covers bonds, real estate investment trusts, oil and gas income deals, dividend stocks and anything else that pays interest and dividends. He joined Kiplinger in 1981 after six years in newspapers, including the Baltimore Sun. He is a 1976 journalism graduate from the Medill School at Northwestern University and completed an executive program at the Carnegie-Mellon University business school in 1978.