In episode 341, we welcome our guest, Lyle Fitterer, portfolio manager for Baird Asset Management, where he runs a $1.8 billion municipal bond fund.     In today’s episode, we’re talking all things muni’s. Lyle begins with an overview of the muni bond market and the benefit of tax-exempt income for investors. Then we hear how Lyle went on the offensive when the COVID drawdown occurred last year. Finally, we walk through some of the different factors affecting the muni market right now, including state and local budgets, expectations for higher taxes and an infrastructure bill, and interest rates.     Be sure to listen until the end to hear what sectors Lyle avoids within the muni space.     Please enjoy this episode with Baird Asset Management’s Lyle Fitterer.     -----     Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com     -----     Today’s episode is sponsored by Ugly Drinks. Meet ugly sparkling water: the childhood tastes you love without the sugar, sweeteners or calories you don't. Beyond quenching your thirst, ugly celebrates the real, the raw, the imperfect - the ugly truth. As a special offer for listeners of the show, visit uglydrinks.com and use the code UGLYMEB to get 20% off your order.     Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library.