The flip side of the lack of confidence in stocks is an overextended bull market in fixed-income securities, Buffett said.

股票市场缺少信心的另一面是固定收益市场过渡扩张的牛市，巴菲特说。

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Keep in mind that municipal securities are subject to a number of risks including, but not limited to: Interest Rate Risk, the risk that the market value of fixed-income securities may fluctuate when interest rates change, and Prepayment Risk, the risk that the issuers of individual securities may prepay them at a time when interest rates have declined.

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Money market funds invest in short-term fixed-income securities or commercial paper from governments, financial institutions and corporations.

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In many cases, pension funds are buying government bonds because they need fixed income instruments and the near-collapse of the mortgage-backed securities market has eliminated that supply.

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