But it's probably not a bad idea to have hedged with some Ps or Ks. I've got enough Ks that I should be somewhat positive even if the Qs get nuked, but the preferreds get something > than a few % on the dollar of their face value.
Preferreds are a safer bet than commons, but they could get nuked too if things go badly for us euqity types during the rest of May and June.
I used to be exclusively commons and am now exclusively WAMPQ. Can't convince myself to take on more risk when I could get 70X return on WAMPQ right now before commons are in the money. Additionally, should preferred shares become "in the money," I can take profit from them to put into commons if they're lagging behind. I posted regarding this last night and it got deleted so won't be surprised if this one goes too.