Anyone buying the Miami Beach 3.25% bonds of 49 is taking massive uncompensated risk.

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Miami could turn into Atlantis.

Generally speaking, most entrepreneurs should have a barbell approach to managing their total wealth.  This requires looking at the entire balance sheet when managing their assets, which I have discussed at length here. Total Wealth Approach In short, a Total Wealth approach considers the business assets and liabilities, as well as

personal real estate and expected cash flows, side by side with financial assets. As a heuristic, entrepreneurs can think of their business interest as a concentrated equity position.  This concentrated equity position typically overwhelms their financial assets in size.  Because of this, the liquid financial assets should be treated…