Prefs really began to break today -- I have been watching a little and they held up surprisingly well the last week or so. BUT today, looks like some people had to start to sell, took at 20-30% leg down on most issues
Once the forced selling starts, could get really ugly
If the $25 issues get to $3, or the $50's get to $6, then maybe I buy in. But today I bought a gas pipeline pref for 20 cents on the dollar which is cumulative, pays 34% right now, has clauses where the divvy goes up 20% if suspended AND has a clause that you get paid 11% per year on SUSPENDED dividends accrued... Banks originally fixed these predatory terms in a private placement...
Tough to forgo those kinds of bargains to buy FnF prefs dependent on creatures like Calabria... and when no deal till November
PLUS, you know Calabria and Mnuchin will pull some crap "given the circumstances"... never let a crisis go to waste, when you hear those words you should generally RUN
Market Data 
Markets 
AI
