View of California water bonds shifts with ongoing drought

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California's long-term drought has significantly dropped the water level at Lake Perris in Southern California. According to local fishermen, all of this sand used to be covered in water.

Water bonds have long been seen as a safe bet in the investing world, but anxiety is rising with the ongoing drought in California.

Aaron Kuriloff wrote about the $3.7 trillion municipal-bond market for The Wall Street Journal in "Latest Victim of California’s Drought: Water Bonds."