Main Thesis
The purpose of this article is to evaluate the PIMCO California Municipal Income Fund (PCQ) as an investment option at its current market price. This is a fund I have favored for some time, and investors have been reaping double-digit rewards as 2019 has progressed. This is due to strong demand for municipal (muni) debt, particularly in high-tax states, such as California. While investors have been drawn to muni debt in most high-tax states, Californians have also benefited from a stronger financial backdrop, with the government reporting a budget surplus as