A few years back, we thought there might be a weekly newspaper, or a newsletter, or a publication of some kind, that we could aim at municipal bond issuers. Out of those thousands of issuers, we figured, surely there must be a few thousand who would be interested in such a venture.

After a really hard look at the numbers, however, we found that, no, there weren't. Because after you get past the top 1,000 issuers, most of the rest of the finance officers who are in charge of selling bonds simply buy help when they need it, either in the form of financial advisers, underwriters, or bond counsel. For a publisher, the thing to beware of was the illusion of opportunity.

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