The Fox-Roku Deal: What Big Media M&A Tells Us About the Streaming Economy

**SPEAKER_1** (0:01)
This is Invest Talk, from KPP Financial, helping investors make sense of the markets one day at a time. Here's your host, Justin Klein.

**Justin Klein** (0:15)
Good afternoon, fellow investors, and welcome back to another edition of Invest Talk. This is our June 18th, 2026 edition. And you know it's Thursday, but it's the final show of the week. Tomorrow is a holiday, it's Juneteenth. Markets are closed, so just a heads up for all of you. So we closed out another week in the books, but as always, in today's market, there's a lot to unpack with what's going on in the AI space, geopolitically, with the IPO schedule. All of this matters as we head into the back half of 2026 Yeah, the first half is almost behind us. We actually only have one full trading week left. That's next week, a couple days the following week, and then we're into Q3.
So that's where we're at, setting the stage for this hour. I'm Justin Klein, and my goal here is to become, help you become a better investor, giving you perspective, data, actionable materials that you can make better decisions with your money, consistently, week after week, month after month, year after year.
And to that end, big heads up. Our new wealth webinar is coming up Tuesday, June 30th, about a week and a half away, 12 to 1 p.m. Pacific time, Beyond the Yield, How to Invest for Your Income Needs. That is the title. So make sure you head over to investdoc.com and register for free. And in just a bit, we'll talk about today's market performance and run down the show topics for the hour. But as usual, we'll tackle this first caller question now.

**SPEAKER_3** (1:53)
I wanted your opinion on ticker symbol DMB.
It's Bank of New York Mellon Municipal Bond Infrastructure Fund. I was looking at it for taxable portfolio. Again, the ticker symbol is DMB. Thank you.

**Justin Klein** (2:16)
Looking at DMB, this is the BNY Mellon Municipal Bond Infrastructure Fund. This is what is called a Closed End Fund. Closed End Fund. It's not like a normal ETF. The expense ratios are very high, about 2 percent, very high. Total expense ratio, I'm sorry, that's interest expense, advisors 101, total expense is 3.19 percent. So very, very expensive on that front. So that worries me. Morningstar gives it 2 out of 5 stars, so below average. If we look at the performance of this fund, so far, year to date, it's up 2 percent. That's in the 87th percentile, which means that 87 percent of funds in this category are doing better. Last year was in the 84th percentile. The year before that, it was 73rd percentile. So, doing poorly over the past couple of years.
The good news is, in 2022, it did fairly well as the market, as it sold off, or at least the sector sold off pretty dramatically. But the 10-year return is 2.2 percent, total return.
That's in the 77th percentile.
That means over three-quarters of funds in this category are doing better.
So, you have high fees, very below average performance. Then you look at the overall structure of the... Well, the way to keep on is 5 percent. Let me look at the maturity schedule here. OK, most of this is very long-term, 20 to 30 years. That's about 70 percent of the portfolio. So, very long duration on that side as well. I see no reason to invest in this. And then, you're talking about a taxable account.
This is one of the biggest mistakes I see people make across the board.
That is investing for lower taxes, investing in municipal bonds to avoid the taxes when they're not in the highest tax bracket. So, I don't know what tax bracket you're in. But if you're not in the highest tax bracket, you should never be looking at municipal bonds anyway. So, I don't know what that is. I don't know if you are or not. But these are designed, and just the industry as a whole, that the yields get pushed down to a level where it makes sense for the people in the highest tax bracket, which means it does not make sense for those that are not in the highest tax bracket. So make sure, even if you go with a different municipal bond fund, that you are in the highest tax bracket. Otherwise, from a tax-adjusted yield perspective, you'd rather be in taxable bonds. Even though you're paying the tax, your net return is likely to be higher. OK. So you're probably looking at the distribution rate, which is 5.5%, which seems pretty high for municipal bonds, tax-free, etc. So you have a tax-adjusted yield probably in the 7-8% range. Sounds great. Once again, that's only if you were in the highest tax bracket. So this is a poor fund with high fees.