I got in low at a pps of $2.25 on HGM and GMS, which are both preferreds of GM . I had an ask out there for this price that I set yesterday as I was watching them tank. The pps is irrevelevant, except in that the lower you get them at, the more shares you can buy. Apparently news travels quick regarding a guaranteed bailout of some kind, even though such a bailout is far from solidified. It is my belief however, that these 2 preferreds are a great buy. They are back up to around $3 per share right now, but keep your eye on them. They are likely to drop again, and I suggest that you should buy in. They are preferreds, enough said their, and the divis are good. Best of both worlds. I am waiting for XVF, which is a corporate backed preferred of Ford, to take more of a beating before I get in on that and this one pays a huge divi.
I am still working on identifying what I feel are the best Citi preferreds, but there are a ton of them out there and it will take time to analyze all of them.
Best of luck, but no matter what you buy, atleast make sure it is a preferred!!!
