It depends on the investors. Yes, the s&p returned more in this period, it usually does, but not always. There’s reasons why other investments exist and one is

It depends on the investors. Yes, the s&p returned more in this period, it usually does, but not always. There’s reasons why other investments exist and one is the risk of the investment. Municipal bonds are really stable and some investors just want predictable returns and will sacrifice overall returns for stability and lower risk. Oil investments aren’t municipal bonds, but I expect most oil investors want stable returns.