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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (31380)7/7/2008 11:54:34 PM
From: Spekulatius  Read Replies (3) of 78498
 
Regarding preferreds - I like REIT's preferred since they ae backed by real assets. Many REIT companies have preferred's outstanding. My simple rule is - if i like the balance sheet of the common, the preferred may be a buy.

i have not found a good way to find them, though. Quantumonline has an alphabetical list of all preferred - that may be a starting point if you have some time on you hand.

Another way to find preferred is simply to type in the stock ticker symbol followed by a "-" in yahoo/finance. The Autofill/search function will show all the stock symbols that begin with this string which usually will include all the preferred of this stock.

Incidentally i bought a preferred today that cannot be found with this method - AFC. It's a 6.875% preferred from infamous ALD,currently trading at 13.X$, so the yield is almost 13%. Since it's a debt security it's much safer than the common even though one could think otherwise looking at todays quotes.

One problem with preferred's and in particular REIT preferred is the chance that REIT's can go private. While it is good news for the holder of common, it is bad news for the holder of debt securities like preferred. this is not something that is very likely to happen right now but if the economy and/.or credit situation betters it is a consideration that needs to be taken into account.
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