You could say the exact same thing about the commons. If they have so much upside and recap/release is imminent, why do they trade under $3?
The market as a whole doesn't always agree with some subset of its constitutents. But your logic applies equally to the prefs and commons. Why single out the prefs?
phew, see chart below. I have reached base camp. Gonna take a breather up here while the common climber struggles to catch up. Don't worry about me, I'll be fine up here.
It's taking a while to digest those massive Jr. Preferred gains. Looks like $FNMA and most JPS are roughly off the same percentage from their highs of the year.
What's surprising is $FNMA wasn't able to make new highs, while JPS did and in a BIG way. What do you think is the reasoning for that?
And how come $FNMA is still down ~50% from it's all-time highs, yet JPS are higher than where they were a year ago and only down a small percentage from their all-time highs (which they set earlier this year, and $FNMA did not)???
This is all so confusing. But let's continue to look at daily price oscillations and talk about short-term out-performance of one versus the other. That'll definitely help prove our points ;-)
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