Lee Eugene Munson and Lorraine Ell provide independent fund research on the Oppenheimer Rochester National Municipal Fund (ORNAX, ORMBX, ORNCX).

At the most basic level, most analysts simply lack an understanding of the Oppenheimer Rochester National Municipal Fund (ORNAX, ORMBX, ORNCX) managed by Ronald Fielding. Most analysis of ORNAX highlights parts of the portfolio without context and paints the fund as risky, not suitable for a core municipal bond portfolio. Although the short-term volatility of ORNAX is higher than the average AAA rated muni fund, over time it has produced outstanding results. To paraphrase Buffet, we would rather take a lumpy 14% than a smooth 12%, or in the case of munis, a smooth 3%.