That kind of long term stability is what long-term fund managers and institutional investors look for.
Second and more important, most private-sector workers belong to a state-pension scheme in which today's contributions, instead of going into a long-term investment fund, are used to pay today's pensions.
The Vanguard Long-Term Tax Exempt Fund today is yielding 4.8%, or about 4.6% after state taxes (depending on where you live).
And yet the long-term outlook for fund management should be bright.
It was this kind of violent and sudden volatility that caused the highly leveraged Long-Term Capital Management fund to require a bailout by Wall Street institutions in the fall of 1998.
Sotirios Keros, a 39-year-old pediatric neurologist in New York, says he plans to shift his emergency reserve to a long-term municipal bond fund when his CDs mature this summer.
The commercial paper market is growing increasingly antsy and GE, not unlike a hedge fund, is stuck with some percentage of long-term assets that it is trying to fund with short-term money.
Certainly, Tsang's decisions look better after a 13% rise in stock prices since the end of intervention and the near-collapse of U.S. hedge fund Long-Term Capital Management, which shook world markets and sparked a Washington-orchestrated bailout.
Such a return-chasing approach might be justified if investors were rightly anticipating that a short-term improvement in the returns of a particular hedge fund indicated a long-term shift in favour of its style.
How about putting that money in a long-term CD or bond fund for your kids?
Besides its great long-term performance, the fund is also doing well this year.
At the same time Vanguard's New York Long-Term Tax-Exempt Fund, with an average duration of 6.8 years, offered a yield to maturity of 3.8%.
With the paperwork expected to follow as much as days later, there is the potential for a breakdown approaching the scale of the Long-Term Capital Management hedge fund debacle, which all but crushed Wall Street in 1998.
She recommends investors take a look at Kansas City-based American Century Heritage (TWHIX), a mid-cap growth fund with a good long-term record.
There are people who will reach for yield either by going to a high-yield bond fund or maybe a long-term bond, but those, for me, pose a little bit too much risk.
Carried interest will continue to be taxed as long-term capital gains for hedge fund and private equity managers.
McDonough sparked controversy in 1998 when he assembled 14 banks to bail out the collapsing hedge fund Long-Term Capital Management.
He featured prominently in Goldman's negotiations with fellow investment banks to bail out hedge fund Long-Term Capital Management in 1998.
The group believed the government could be looking at a way to encourage lenders to take on the financial risks needed to fund long-term mortgages.
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Ten years ago this month, the New York Fed orchestrated the orderly unwinding of hedge fund Long-Term Capital Management, which foundered on exposures to Russian government bonds.
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Our favorites: Joe Torre, the former Yankees manager now signed with the Los Angeles Dodgers, and John Meriwether, the former head of notorious hedge fund Long-Term Capital Management.
Many readers may not remember the first half of 1998, but may be more likely to recall the Russian ruble crisis in July 1998 and the ensuing collapse in the fall of hedge fund Long-Term Capital Management (LTCM).
Yet during the same year, the Vanguard Long-Term U.S. Treasury Fund was up 22%.
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Long-Term Capital Management, a hedge fund that collapsed in 1998, was run by highly experienced traders and economists.
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How, they ask, can the Fund have long-term involvement in the poorest countries and, at the same time, be a short-term crisis manager?
But ten years ago the Fed helped organise the rescue of Long-Term Capital Management, a hedge fund (although no public money was involved).
This mythical financial security first entered the investment lexicon after the crisis in 1998 over the collapse of Long-Term Capital Management, a hedge fund.
Only last autumn, the Fed had to save world finance by masterminding the rescue of Long-Term Capital Management, a hedge fund, and cutting interest rates three times.
The markets struggled to cope with financial crises in Asia and Russia in the late 1990s and with the implosion of Long-Term Capital Management, a hedge fund, in 1998.
To bring the book up to date, there is an epilogue on Long-Term Capital Management, a hedge fund peopled by Wall Street wizards and Nobel prize-winning economists, which collapsed ignominiously last year.
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