As we are down almost 700 points in the DJIA we took a peek at the $25 preferred stocks and we are now down on average 20 cents a share this week (of course averages are just that–some are down a buck and some are unchanged). Additionally almost 75% of all the issues are trading at $25 or below.
Here you can see that we have near 200 preferred issues trading at or NEAR a new low (within 1%)–certainly bargains being created.
Peeking at our own holdings we are off 2/10% this week–virtually all caused by the perpetual preferreds we hold and we knew this was an issue when buying the perpetuals.
We would be cautious with ‘flips’ and new issue purchases at this point–they just aren’t working very well–as we know with our holding of the new GasLog Partners perpetual preferred.