Municipal Bond Market Opportunity - The municipal bond market presents an extraordinary investment opportunity, particularly after mid-April, although the window has slightly narrowed since then [3] - Investors who missed the opportunity at the end of 2023 should take advantage of the current attractive yields [4] Infrastructure Spending & Credit Strength - Significant infrastructure spending is occurring, which is generally positive [5] - Municipal credit was exceptionally strong approximately two years ago, largely due to federal aid in 2021, but this momentum is now decreasing [5] - Despite the rolling off of federal aid, credit remains strong in most sectors, but selectivity is important [6] Higher Education Sector - The higher education sector, both public and private, faces structural issues, leading to a negative outlook, requiring more selective investment [7] - Selectivity in higher education means focusing on larger organizations with high demand and more selective admissions [8] - Not all colleges will survive in the next five years, highlighting the need for careful investment decisions [8] K-12 Sector - The K-12 sector, traditionally stable, now requires more careful consideration from investors, similar to the higher education sector [9]