RE:RE:Be patientHi Experienced. I almost totally agree. While many stocks are at stupid levels many are reasonable. I copied this from Seeking Alpha after the Enbridge earnings....
The market seemed happy on the results, but then the selling kicked in. This likely has little to do with the results and more to do with the FOMO bug that is taking over the rest of the market. If you can make 300% annualized chasing bubble stocks, who the heck wants to make 10% a year? Of course that pool of fools is not infinite, but it does distract from value buying. ENB though was a good buy before the results and the small price decline alongside the great results, just elevated the value for us. We are now moving this to a Strong Buy and think the upside is material over the next two years.
There will always be stocks worth buying at market tops and bottoms. I am still 50% in cashable GIC's paying 4.75% and using the income to buy what I feel stocks that are undervalued. My short term trade today was a couple K shares of LBS trading at maybe 2% premium to NAV.
I have owned pref shares as you suggest and still own a few. If the market tanks so will prefs, reset or perpetual. By the end of 2021 half of my holdings were prefs and by early 2023 that fell to 5%. My holdings are now at 10% but again I've been selling...today CF.A with a 20% gain. It didn't make sense to hold it when only yielding a little over 7% with the rating they have. I can buy many common stocks CPX, EMA, Telcos and even a few banks that yield 7%. Preferreds are to me something that should be traded and not kept...for the most part they are too hated and at present too expensive. I include a link to a website that has made me a lot of money in the last few years.
https://premium.canadianpreferredshares.ca/
They have a free version but for $66 for 6 months they take the guessing out as to what the best issue is.
Wrong or not I repurchased some ENS I had sold at $12.00 for $11.42. I totally respect you and OB1 and always look forward to your posts....maybe this time will be different as to where stock indices go....I'm thinking like you and it ain't gonna be pretty when the poop hits the fan and reality sets in!
Thanks agian for all your input!