(Bloomberg) -- In 2015, the boring market was best for the bottom line.

U.S. stocks plunged briefly into a correction, commodities hit new lows, Treasuries whipsawed at the whims of the Federal Reserve, corporate debt lost money and hedge funds barely made anything. Then there was the $3.7 trillion municipal-bond market, where defaults fell for a fifth-straight year, a tax-revenue influx allowed cities to save record amounts and cost-cutting left state and local governments with less debt than they had five years ago.

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