Great interview with Ben Barber. I retired from the muni business and when the topic of bond funds vs individual bonds came up, I don’t think it was addressed completely. Bond funds never mature, you are at the whim of the manager regarding gains and losses and NEVER receive PAR (stated bond value) at maturity for your ownership. When you own the bond, you have the option to buy or sell, at your discretion to take gains or losses based on your tax situation, and have the option to hold to maturity for which you will receive PAR (the maturity value of the bond). You also have the ability to choose premium, discount, or par ($100.00) prices on individual bonds in order to express your thesis on the market and the direction of interest rates (aggressive, defensive, or strictly for income). Bond funds have a roll but individual bonds provide far more control and flexibility.