Ronald Fielding prospers by buying tax-exempt bonds that others hate. While the typical municipal bond mutual fund is packed with plain vanilla, low-risk bonds backed by the general taxing powerrnof states and cities, Fielding, who runs the Oppenheimer Rochester family of 18 muni funds, specializes in the most unloved, lowest-rated, and seemingly riskiest tax-exempt bonds in the market. Whether by loading up on munis supported by payments from airlines or by buying the bonds of obscure public financingrnagencies, he has succeeded at finding gems in what everyone else considers trash. "Show me the stuff that's ugly, and let me decide if there's a valid reason for why everyone finds it disgusting," he explains from his corner office a few miles from downtown Rochester, N.Y. "Then I'll find out what's disgusting, but not bad."
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