'People will realize they can shelter money in muni bonds,' he says. 'Demand will go up and prices will go up.' 罗杰说，人们会意识到，他们可以把资金投到市政债券这个避风港上
'People will realize they can shelter money in muni bonds,' he says. 'Demand will go up and prices will go up.'
罗杰说，“人们会意识到，他们可以把资金投到市政债券这个避风港上。对市政债券的需求将会加大，价格将上涨。”
Investment research firm Morningstar's top muni-bond mutual-fund picks include Fidelity Intermediate Municipal Income and Franklin Federal Tax-Free Income.
投资研究机构晨星公司(Morningstar)评选的最佳市政债券共同基金包括富达中级市政收入基金(Fidelity Intermediate Municipal Income)和富兰克林联邦免税收入基金(Franklin Federal Tax-Free Income)等。
Residential Mortgage-Backed Securities 住房贷款抵押债券
During the housing downturn of 2008, few assets were more unloved than so-called nonagency residential mortgage-backed securities-those backed by home loans that weren't insured by Fannie Mae or Freddie Mac FMCC -23.33% .
在2008年美国住房市场陷入衰退期间，非机构担保住房贷款抵押债券(nonagency RMBS)是最不受欢迎的；也就是说，这些债券的房屋抵押物没有房利美(Fannie Mae)或房地美(Freddie Mac)提供担保。
But in these days of low yields, nonagency RMBS have suddenly become popular. The reason? Once bad loans are accounted for, their yields average about 7%, more than double the yield on a 30-year Treasury bond.
但在目前的低收益率环境下，非机构RMBS突然变得吃香起来。原因何在？因为即使把不良贷款考虑在内，这些债券的平均收益率约为7%，是30年期美国国债收益率的一倍以上。
They also are benefiting from the fact that no new securities are hitting the market while older bonds are slowly disappearing, as homeowners refinance the loans and pay down their balances, says Michael Murgio, chief investment strategist at GenSpring Family Offices, a wealth-management firm that oversees $15.4 billion.
Genspring Family Offices是一家管理着154亿美元资产的财富管理公司，其首席投资策略师迈克尔 莫奇奥(Michael Murgio)说，还有一点对这种债券是有利的，即没有新债券投放市场，老债券则随着房屋业主的贷款再融资和分期还贷在慢慢消失。
At the same time, the issues that have plagued these securities are slowly being worked out, says Tad Rivelle, chief investment officer for fixed income at asset-manager TCW Group, which oversees $77 billion in U.S. fixed-income assets.
资产管理公司TCW Group的固定收益投资总监泰德 瑞威尔(Tad Rivelle)说，与此同时，将这些债券推入深渊的种种问题正在慢慢得到解决。该公司管理着770亿美元的美国固定收益资产。
Among the positives: Mortgage servicers have been putting the infrastructure in place to deal with defaults; losses on the loans have been steady and could get smaller; and the housing market looks like it could be turning the corner.
各种利好因素包括：抵押贷款服务商一直在建立机制应对违约情况；贷款损失金额比较稳定，并有可能减少；住房市场出现复苏迹象。
It is difficult and expensive for small investors to buy RMBS directly. Instead, Lou Stanasolovich of Legend Financial Advisors recommends the Angel Oak Multi-Strategy Income mutual fund, which had more than 78% of its portfolio allocated to nonagency RMBS as of the end of June, according to Morningstar.
小投资者直接购买非机构RMBS比较困难，成本也高。Legend Financial Advisors公司的卢 斯塔纳索洛维奇(Lou Stanasolovich)建议买入天使橡木多元化收入(Angel Oak Multi-Strategy Income)共同基金。据晨星公司的数据，截至2012年6月底，该基金配置在非机构RMBS上的比重超过78%。
Dividend-Paying Stocks 分红股票
It is tempting to look at the high valuations attached to dividend-paying stocks and say they are overpriced. But investors should remember that the last time government-bond yields were so low was in the 1950s, says Tobias Levkovich, head of U.S. equity strategy at Citigroup. He believes dividend payers could outperform as long as interest rates stay low.
人们可能会注意到分红股票的高估值，因此认为其价格过高。然而，花旗集团(Citigroup)首席美国股票策略师托拜斯 莱夫科维奇(Tobias Levkovich)说，投资者应该记住20世纪50年代美国国债收益率极低的那个时期。他认为，只要利率保持低位运行，分红股票会有更好的表现。
That is especially true if something goes wrong in Europe or elsewhere in the world, says Jim McDonald, chief investment strategist at Chicago-based private bank Northern Trust NTRS +0.13% .
芝加哥私人银行Northern Trust的首席投资策略师吉姆 麦当劳(Jim McDonald)说，如果欧洲或其他国家爆发危机，分红股票的优势会更明显。
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