RE:I'm out!!!!Interesting take and approach. I've been buying pref Cs on the way down, starting at $17.50, and finally making my last purchase down at $7.25. I bought some long-dated puts to hedge part of my position. The pref dividend is paying for that hedging. In the event the pref Cs get converted, my average cost will be sub-$1.00, and I'd likely sell covered calls on the position. Pref Bs look compelling to me too, but my reluctancy to initiate a position is based on the fact that they have a floating yield, and that could still be prone to more pressure...granted there's less to lose now than there was 50 bps ago. That said, the pref Bs are a natural hedge to the pref Cs, from an interest rate perspective. Assuming no conversion, it makes sense to hold both.