I would say the stupidity that I se is in holding large sums (if it simultaneously represents large % of portfolio) in cash. I would open up a treasurydirect.gov accout and look to get a tax free yield off an I-bond. If you do not feel like looking through bond offerings you would be better served to find some tax free muni bond funds. With a couple of Hundred thousand to invest you can go into the A shares and take advantage of the break points with respect to sales charges. JMTC