Fannie Mae-No Politics (FNMA)

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Big players get preferreds since they need to always have their money in a stock else it looks like they are just holding onto people's money for no reason. They like preferreds because of the dividends. It would give them really good consistent income in their fund and good reason to occupy money in a safe place.

We, who can sell whenever and don't need money occupied in a stock. Have much greater upside to commons. Could always just sell commons for preferreds after we profit. Hedge funds would have a harder time doing that since it would be too volatile to move that much volume around.