Agree, that differnt Scenarios will effect one more posively than the other. As for rotation, i still think not much rotation among the "typical" buyer. To be overly simplistic.
Retail, trading in and out and news generated buyers will be common. Makes sense, better known, lower spreads, lots of liquidity.
long term, deep capital investors that are interested in the pfd, (many are not) but if they could withstand the illiquid featurs, the wider spread, limited upside with less risk. then they are not really going back n forth rotating between common.
Just my opinion, but think of the investers, traders that we have all become familiar with, most are inclined one way or the other. Sure I have owned all common and all pfds. But that is over 9 years of this saga.
I have my preference, but that is based on my risk, investment profile, my age, retirement prospects etc...
Nine years ago i was farther out from retirement, less comfortable with pds, could not get comfortable with the spreads.
TO make your POINT not mine. I did slowly rotate from one to the other over 9 years. biggest move was after some key changes, Lamberth etc...