RE:RE:RE:RE:RE:RE:RE:ENS goes from scary to a bargoon in two daysObscure...good points as usual
Your point about people wanting to get out of the pref side of the units is well taken. A lot of people who bought say the latest raise by Middlefield where enticed by the discount on the commons and really didn't want the pref side and so they sold thinking that they were buying the prefs at a discount.
Personally, I think people buying into the raise are silly in that most often after the raise is announced you can buy the commons at an even cheaper price. But as you said, there seems to be lots of people out there that aren't paying attention or rely on the integrity of their financial advisor (which I hate say after working on The Street for many years, is not necessarily a good thing to do).
In terms of the ENS prefs themselves, I don't consider them to be a good buy. There are much better prefs out there to buy. As an example, ENB itself has prefs that are paying north of 8% so why would anyone want to buy an ENS pref that pays 5%?
But as they say.."It takes all kinds"